NAICOM revokes Nigeria Reinsurance licence, freezes bank accounts

National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory minimum capital requirement under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The regulator has also frozen all bank accounts belonging to the company and appointed Dr. Muiz Banire (SAN) as Receiver and Provisional Liquidator to oversee the winding up of its affairs.

The development comes days after NAICOM announced the completion of the insurance sector recapitalisation exercise and published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

Speaking to journalists, Banire said that his appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration.

According to him, NAICOM exercised its statutory powers under the insurance reform framework to place the company under receivership and liquidation after it failed to meet the minimum capital threshold applicable to its licence category.

“The company’s licence is revoked after it failed to comply with the prescribed minimum capital requirement,” Banire said.

He said that the enforcement action was taken in line with the provisions of NIIRA 2025 and other relevant insurance regulations.

Banire said his appointment empowers him to recover, secure and take possession of all assets belonging to Nigeria Reinsurance Corporation.

He added that the receivership process would involve identifying and settling liabilities in accordance with the provisions of the insurance law while providing periodic reports to NAICOM.

The Senior Advocate of Nigeria also directed banks, financial institutions, policyholders and members of the public not to act on any instruction relating to the company unless such directives originate from his office.

“Members of the public, banks and financial institutions are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except me.

“Only instructions bearing my official seal and stamp, or those issued by persons duly authorised by me, will be recognised.”

He warned that any transaction conducted without his authorisation would be undertaken at the risk of the parties involved. Nigeria Reinsurance Corporation becomes the first insurance operator to lose its licence since the conclusion of the industry wide recapitalisation programme, making it the first major enforcement action under the new capital regime.

The move signals NAICOM’s willingness to enforce compliance with the tougher capital requirements introduced under NIIRA 2025.

The Commission recently confirmed that 43 insurance and reinsurance companies had met the new capital thresholds, while eight others were undergoing final verification and regulatory review.