The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR).
NAICOM also appointed Dr. Muiz Banire (SAN) as receiver and provisional liquidator to wind up the corporation’s affairs.
Banire told journalists on Wednesday that his appointment took effect on Aug. 3 following the cancellation of the company’s certificate of registration.
He said NAICOM exercised its statutory powers to appoint him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
According to him, the company failed to comply with the minimum capital requirement applicable to its licence category within the stipulated compliance period.
Banire said the action was taken in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other relevant regulations.
“The company’s licence is revoked after it failed to comply with the prescribed minimum capital requirement,” he said.
He explained that his appointment empowered him to recover, secure and take possession of all assets belonging to the company.
The receiver said he would collate and settle liabilities in accordance with NIIRA 2025 and submit periodic reports to NAICOM.
Banire directed banks, financial institutions, policyholders, and the public not to honour any instruction relating to the company except those issued by him.
He also announced that all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect.
The senior advocate warned that any transaction conducted without his authorisation would be at the risk of the parties involved.
Banire said, “Members of the public, banks and financial institutions are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except me.
“Only instructions bearing my official seal and stamp, or those issued by persons duly authorised by me, will be recognised.
