The Minister of Finance, Taiwo Oyedele, has been urged to reject political intervention over the revocation of the licences of Senator Jimoh Ibrahim’s Nigeria Reinsurance Corporation and NICON Insurance.
A former Managing Director of Nigerian National Reinsurance Corporation, Nigeria Re-Insurance and NICON Insurance, Mohammed Kari, made the call on Thursday.
Kari, who was also a former commissioner at the National Insurance Commission, NAICOM, made this known in a letter to Nigeria’s Finance Minister seen by DAILY POST on Thursday.
Recall that NAICOM had revoked the licence of Nigeria Re-Insurance and did not list NICON among the insurance firms that met the recapitalisation requirements in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The regulator’s move attracted stiff opposition from Nigeria Re and NICON, which dragged the commission to court.
Consequently, in a letter dated August 6, 2026, and signed by the Permanent Secretary of the Ministry of Finance, Raymond Omachi,
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