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NAICOM has cancelled Nigeria Reinsurance Corporation’s operating licence after the company failed to meet the minimum capital requirement for its categorySenior Advocate of Nigeria Muiz Banire was appointed receiver and provisional liquidator, with his mandate taking effect on August 3, 2026All bank accounts belonging to Nigeria Reinsurance Corporation have been frozen as the liquidation process gets underway
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation, citing the company’s failure to meet the minimum capital threshold required for reinsurers operating in the country.
The commission invoked its powers under the Nigerian Insurance Industry Reform Act 2025 after the company did not meet the statutory recapitalisation deadline set by the regulator.
NAICOM revokes Nigeria Reinsurance Corporation’s licence Photo: NAICOMSource: Facebook
The cancellation of its certificate
