The National Insurance Commission has commenced the formal winding-up of NICON Insurance Limited following the cancellation of the insurer’s registration over its failure to meet the minimum capital requirement for its licence category.
The commission appointed Chukwuma-Machukwu Ume, SAN, as Receiver/Provisional Liquidator to take control of the company’s assets, manage its outstanding obligations and oversee the transfer of its life insurance portfolio to another insurer.
NAICOM cancelled NICON Insurance’s certificate of registration with effect from 3 August, 2026, after the company failed to comply with the prescribed minimum capital requirement within the period allowed by the regulator.
Ume disclosed his appointment in a public notice dated 4 August, stating that NAICOM engaged him under the provisions of the Nigerian Insurance Industry Reform Act, 2025, to commence the winding-up process.
As Receiver/Provisional Liquidator, Ume is mandated to identify, recover, secure and take possession of NICON Insurance’s assets as part of efforts to establish the company’s financial position.
