NAICOM withdraws Nigeria Reinsurance’s licence, appoints Muiz Banire as receiver – The Witness Nigeria

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).

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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 other extant laws, regulations, and guidelines.

Banire said his appointment empowers him to immediately trace, recover, secure, and take possession of all assets belonging to the company, collate and settle its liabilities in accordance with NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the commission.

He also directed banks, financial institutions, insurance policyholders, and members of the public not to honour any instruction relating to Nigeria Reinsurance except those issued by him or persons expressly authorised by him.

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The liquidator disclosed that all bank accounts belonging to the company have been frozen “with immediate effect”, pending further directives from his office.

“Members of the general public, banks and financial institutions in Nigeria are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” the notice reads.

He stressed that only instructions bearing his official seal and stamp as a legal practitioner, or those issued by persons duly authorised by him, would be recognised throughout the liquidation process.

The regulatory action comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

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The commission had said 43 insurers met the new minimum capital requirement, while eight others were awaiting final verification.

NAICOM also warned that firms that fail to comply with the recapitalisation requirements would face appropriate regulatory action.

Nigeria Reinsurance is the first company to lose its operating licence since the conclusion of the recapitalisation exercise, marking NAICOM’s first major enforcement action under the new capital regime.