The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory minimum capital requirement (MCR).
The insurance regulator also appointed Muiz Banire, a senior advocate of Nigeria (SAN), as receiver/provisional liquidator to oversee the company’s liquidation, according to a public notice dated August 4.
In the public notice, Banire said his appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration by the insurance regulator.
The appointment, he said, was in exercise of NAICOM’s statutory powers to take charge of the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
He said the commission revoked the licence after Nigeria Reinsurance failed to comply with the prescribed minimum capital requirement applicable to its category of licence within the stipulated compliance period under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and
