NAICOM Shuts Down Nigeria Reinsurance, Appoints Liquidator In Major Industry Move

According to Ireporter Online, the insurance regulator has also appointed Senior Advocate of Nigeria, Dr Muiz Banire, as Receiver and Provisional Liquidator to oversee the company’s affairs and commence the process of winding up its operations.

The appointment became effective on August 3, 2026, after NAICOM cancelled the corporation’s certificate of registration.

In a public notice issued on August 4, Banire confirmed that the regulatory action was taken in line with NAICOM’s legal powers under the Nigerian Insurance Industry Reform Act 2025 and other applicable regulations.

The notice stated that Nigeria Reinsurance Corporation, with registration number RR-002, lost its licence after failing to meet the required minimum capital threshold within the approved timeframe.

The commission explained that the capital requirement is designed to ensure insurance and reinsurance companies have adequate financial strength to meet their obligations to policyholders, clients and other stakeholders.

As Receiver and Provisional Liquidator, Banire said he has been authorised to identify, secure and take control of all assets belonging to the corporation, while also reviewing and settling legitimate liabilities in accordance with existing laws.

He added that he would work with NAICOM throughout the liquidation process and provide regular updates on developments.

The process will include the assessment of the company’s assets, verification of outstanding claims, settlement of liabilities and the orderly conclusion of the corporation’s operations.

As part of the measures, Banire announced the immediate freezing of all bank accounts belonging to Nigeria Reinsurance Corporation pending further directives from his office.

He warned banks, financial institutions, policyholders and members of the public against carrying out transactions involving the company based on instructions from unauthorised individuals.

“No financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” the notice stated.

Banire further explained that only instructions carrying his official seal and stamp as a legal practitioner, or those issued by persons formally authorised by him, would be recognised during the liquidation exercise.

The notice serves as an official notification to creditors, policyholders, financial institutions and other stakeholders that all dealings involving Nigeria Reinsurance Corporation must now go through the appointed Receiver and Provisional Liquidator.