National Insurance Commission. Photo: NAICOM
The National Insurance Commission has revoked the operating licence of Nigeria Reinsurance Corporation due to its failure to meet the statutory minimum capital requirement and appointed Senior Advocate of Nigeria, Dr Muiz Banire (SAN), as receiver/provisional liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
Banire disclosed this in a public notice dated August 4, 2026, stating that NAICOM appointed him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002) in line with its statutory powers.
According to the notice, the commission revoked the company’s licence after it failed to comply with the prescribed Minimum Capital Requirement for its category of licence within the stipulated compliance period under the Nigerian Insurance Industry Reform Act 2025 and other applicable laws, regulations and guidelines.
