The National Insurance Commission (NAICOM) has cancelled the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement and appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator.
The appointment took effect on 3 August 2026. In a public notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).
The revocation followed the corporation’s inability to comply with the prescribed capital threshold within the given period, under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and related regulations.
Banire’s mandate includes tracing, recovering and securing all company assets, collating and settling liabilities in line with the law, liaising with NAICOM, and submitting regular progress reports to the commission.
He has ordered that all bank accounts of Nigeria Reinsurance Corporation be frozen with immediate effect. Banks, financial institutions, policyholders and the public have been directed not to act on any instructions relating to the company except those issued by him or persons he expressly authorises. Only documents bearing his official seal and stamp as a legal practitioner, or those from authorised agents, will be recognised.
NAICOM described the action as part of its effort to enforce capital standards that protect policyholders and support the stability of the insurance sector. The liquidation process will involve realising assets, verifying claims and liabilities, and orderly winding up of the company’s affairs.
Stakeholders have been advised to channel all dealings concerning Nigeria Reinsurance Corporation through the receiver until the process is completed.
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