…appoints Banire receiver/liquidator

House of Representatives Committee on Insurance and Actuarial Matters and the Nigeria Deposit Insurance Corporation (NDIC) have called for stronger financial safety nets, enhanced regulatory coordination and legislative reforms to safeguard Nigeria’s financial system.

This is as the banking recapitalisation and rapid fintech innovation redefine the country’s financial landscape.

The Reps made the call yesterday at a stakeholders’ retreat in Lagos, where lawmakers and the Corporation stressed that stronger deposit protection, improved supervision and robust crisis management frameworks would be critical to sustaining financial stability, protecting depositors and supporting the Federal Government’s ambition of building a $1 trillion economy by 2030.

Chairman of the House Committee on Insurance and Actuarial Matters, Ahmadu Usman Jaha, said the ongoing banking sector recapitalisation exercise and the rapid expansion of financial technology have created enormous opportunities for economic growth and financial inclusion but had also introduced new systemic risks requiring stronger institutions and modern regulatory frameworks.

Jaha noted that while Nigeria’s banking industry managed assets worth several trillions of naira and served tens of millions of customers, the country’s fintech ecosystem has emerged as one of Africa’s largest, processing billions of electronic payment transactions yearly.

According to him, the evolving financial landscape demands that depositor protection, consumer confidence and financial stability keep pace with technological innovation.

MEANWHILE, 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).

It has also appointed Senior Advocate of Nigeria, Dr Muiz Banire, 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According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in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 empowered 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.