The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr Muiz Banire (SAN), as the Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said he was appointed by NAICOM, in exercise of its statutory powers, to take charge of the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment empowers him to immediately trace, recover, secure and take possession of all assets belonging to the company, collate and settle its liabilities in accordance with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

He also directed banks, financial institutions, insurance policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

As part of the liquidation process, Banire announced that all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect pending further directives from his office.