First major scalp under new capital rules – and it’s a big one.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory minimum capital requirement (MCR).
In a public notice dated August 4, NAICOM also appointed Muiz Banire, SAN, as receiver/provisional liquidator to oversee the company’s liquidation – effective August 3, 2026.
Banire’s powers are sweeping: trace and seize all assets, collate liabilities, freeze all bank accounts (already done), and reject any financial instruction not bearing his official seal.
The hammer fell after Nigeria Reinsurance failed to comply with the new capital thresholds under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, despite being given a compliance window.
This comes just days after NAICOM announced that 43 insurers met the new capital requirements, while eight others were still awaiting verification. NAICOM had warned that defaulters would face “appropriate regulatory action.”
They meant it.
Now, Nigeria Reinsurance becomes the first casualty of the recapitalisation enforcement – a clear signal that NAICOM is done playing nice.
Bottom line: Meet the capital, or meet the liquidator.
