The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation. The regulator cited the company's failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Alongside the revocation, NAICOM froze all bank accounts belonging to the company. The regulator appointed Dr. Muiz Banire (SAN) as the Receiver and Provisional Liquidator to oversee the winding up of its affairs.
This enforcement action comes shortly after NAICOM concluded its industry-wide recapitalisation exercise. The regulator published a list of 43 insurance and reinsurance companies that met the compliance deadline on July 31, 2026.
Liquidation and Asset Recovery Process
Speaking to journalists, Banire disclosed that his appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration. He explained that NAICOM exercised its statutory powers under the insurance reform framework to place the company under receivership.
Banire is now empowered to recover, secure, and take possession of all assets belonging to Nigeria Reinsurance Corporation. The receivership process will involve identifying and settling liabilities in accordance with the provisions of the insurance law.
The liquidator has directed banks, financial institutions, policyholders, and the public to ignore any instructions regarding the company unless they originate from his office. He warned that any transaction conducted without his official seal and stamp would be undertaken at the risk of the parties involved.
New Capital Thresholds Under NIIRA 2025
The recapitalisation exercise was introduced to strengthen the financial capacity and resilience of insurance operators across Nigeria. Under the NIIRA 2025 framework, capital requirements were raised significantly across different categories.
Non-life insurance companies saw their minimum capital requirement increase fivefold from N3 billion to N15 billion. Life insurers are now required to raise their capital from N2 billion to N10 billion.
For reinsurance companies like Nigeria Reinsurance Corporation, the minimum capital threshold was raised from N10 billion to N35 billion. The revocation of its licence marks the first major regulatory enforcement under this new capital regime.
While 43 companies successfully met the new thresholds, eight other operators are currently undergoing final verification and regulatory review. Some unlisted firms have also claimed compliance and are awaiting final regulatory approval.
