The National Insurance Commission has revoked the operating licence of the Nigeria Reinsurance Corporation for failing to comply with the statutory minimum capital requirement stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The commission also froze all bank accounts operated by the company and appointed Dr. Muiz Banire (SAN) as Receiver and Provisional Liquidator to oversee the winding up of its operations.

The development comes just days after NAICOM announced the successful conclusion of the insurance industry’s recapitalisation exercise and released the list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.

Addressing journalists on Wednesday, Banire said his appointment as Receiver and Provisional Liquidator took effect on August 3, 2026, following the revocation of the company’s certificate of registration.

According to him, NAICOM invoked its statutory powers under the insurance reform framework to place the company into receivership and liquidation after it failed to satisfy the minimum capital requirement for its licence category.

“The company’s licence is revoked after it failed to comply with the prescribed minimum capital requirement,” Banire said.

He said the regulatory action was taken in accordance with the provisions of the NIIRA 2025 and other applicable insurance regulations.

Banire said his appointment authorises him to recover, secure and take possession of all assets belonging to the Nigeria Reinsurance Corporation.

He explained that the receivership process would involve identifying, managing and settling the company’s liabilities in line with the provisions of the insurance law, while submitting periodic reports to NAICOM.

He further directed banks, financial institutions, policyholders and the general public not to honour any instruction relating to the company unless it emanates from his office.

“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,” he noted.

He warned that any transaction carried out without his authorisation would be at the risk of the parties involved.

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The Nigeria Reinsurance Corporation is the first insurance operator to have its licence revoked since the completion of the industry’s recapitalisation exercise, marking the first major enforcement action under the new capital regime.

The action underscores NAICOM’s resolve to strictly enforce the tougher capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The commission recently announced that 43 insurance and reinsurance companies had met the new minimum capital requirements, while eight others remained under final verification and regulatory review.