The National Insurance Commission (NAICOM) has revoked the operating license of Nigeria Reinsurance Corporation (Registration No. RR-002) following the company’s failure to satisfy the statutory Minimum Capital Requirement (MCR) within the designated compliance window.
In a public notice released on Tuesday, August 4, 2026, and confirmed by official channels on Wednesday, August 5, 2026, NAICOM announced the cancellation of the reinsurer’s certificate of registration. To oversee the winding-up of the company’s operations, the regulatory body appointed Senior Advocate of Nigeria, Dr. Muiz Banire (SAN), as the Receiver and Provisional Liquidator. The appointment officially took effect on Monday, August 3, 2026.
The regulatory intervention was executed under the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant financial regulations. NAICOM stated that the revocation became necessary after Nigeria Reinsurance Corporation repeatedly defaulted on recapitalisation mandates designed to ensure systemic stability in the country’s insurance sector.
Speaking to journalists in Abuja on Wednesday, Dr. Muiz Banire, SAN, outlined the immediate statutory duties conferred upon his office by the regulator:
”The company’s licence was revoked after it failed to comply with the prescribed minimum capital requirement within the stipulated period. My mandate empowers me to immediately trace, recover, secure, and take possession of all assets belonging to Nigeria Reinsurance Corporation, collate and settle verified liabilities, and submit periodic progress reports to NAICOM.”
As part of the immediate receivership protocol, the Provisional Liquidator issued a series of directives aimed at safeguarding the company’s remaining assets and protecting policyholder interests: All bank accounts belonging to Nigeria Reinsurance Corporation across financial institutions have been frozen with immediate effect.
Commercial banks, financial institutions, and policyholders were strictly warned not to honor any transactions, checks, or payment requests initiated by former executive management or unauthorized personnel.
Members of the public were advised that only financial or legal instructions bearing Dr. Banire’s official seal and stamp will be recognized throughout the liquidation process.
