National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory Minimum Capital Requirement (MCR) prescribed for its category of business under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Gatekeepers News reports that the commission also appointed Muiz Banire (SAN) as the receiver and provisional liquidator to oversee the company’s liquidation process. According to a public notice dated August 4, Banire’s appointment took effect on August 3, following the cancellation of the corporation’s certificate of registration by NAICOM.
Banire said his appointment empowers him to take possession of the company’s assets, recover and secure its property, collate and settle liabilities in accordance with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the insurance regulator.
He also directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to Nigeria Reinsurance Corporation except those issued by him or persons expressly authorised by him.
As part of the liquidation process, all bank accounts belonging to Nigeria Reinsurance Corporation have been frozen pending further directives from the receiver. Banire warned that any financial transaction carried out without his approval would be at the risk of those involved, adding that only directives issued under his authority would be recognised throughout the liquidation exercise.
