NAICOM revokes Nigeria Reinsurance licence, appoints Muiz Banire liquidator

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory Minimum Capital Requirement (MCR), appointing Senior Advocate of Nigeria, Dr. Muiz Banire (SAN), as Receiver and Provisional Liquidator to wind up its affairs.
The appointment took effect on August 3, 2026, following the cancellation of the reinsurer’s certificate of registration by the insurance regulator.
In a public notice issued on August 4, Banire said NAICOM exercised its statutory powers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to place Nigeria Reinsurance Corporation (RR-002) into receivership and li...