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The National Insurance Commission (NAICOM) has withdrawn the operating licence of Nigeria Reinsurance Corporation and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, OON, as Receiver/Provisional Liquidator to oversee the company’s winding-up process.
According to a public notice issued by Banire, the appointment took effect on August 3, 2026, following NAICOM’s revocation of the corporation’s certificate of registration.
The notice stated that the Commission took the regulatory action after the company failed to meet the Minimum Capital Requirement (MCR) prescribed for its category of licence within the stipulated compliance period, as required under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other applicable laws, regulations and guidelines.
Banire said his appointment authorises him to assume control of the receivership and liquidation process, including identifying, recovering and securing the company’s assets, verifying and settling liabilities in accordance with the NIIRA 2025, liaising with NAICOM on matters relating to the liquidation, and submitting periodic reports to the Commission.
He also advised banks, financial institutions, policyholders and members of the public not to act on any instruction concerning Nigeria Reinsurance Corporation unless it originates from him or persons expressly authorised by him.
According to the notice, all bank accounts belonging to the corporation have been frozen pending further directives from the Receiver/Provisional Liquidator.
Banire warned that any transaction carried out without his approval would be undertaken at the risk of those involved.
He added that only directives bearing his official seal and stamp as Receiver/Provisional Liquidator, or those issued by individuals specifically authorised by him, would be recognised throughout the liquidation exercise.
The notice serves as formal notification to creditors, policyholders, banks and other stakeholders that all dealings relating to Nigeria Reinsurance Corporation should henceforth be conducted through the Receiver/Provisional Liquidator until the liquidation process is concluded.
