The National Insurance Commission has commenced the formal winding-up of NICON Insurance Limited following the cancellation of the insurer’s registration for failing to meet the minimum capital requirement prescribed for its licence category.
NAICOM appointed Chukwuma-Machukwu Ume, SAN, as Receiver/Provisional Liquidator to take control of the company’s assets, address its outstanding obligations and facilitate the transfer of its life insurance portfolio to another insurer.
The regulator cancelled NICON Insurance’s certificate of registration with effect from August 3, 2026, after the company failed to meet the prescribed minimum capital requirement within the period granted by the commission.
Ume disclosed his appointment in a public notice dated August 4, stating that NAICOM appointed him under the provisions of the Nigerian Insurance Industry Reform Act, 2025, to commence the winding-up process.
As Receiver/Provisional Liquidator, Ume is mandated to identify, recover, secure and take possession of NICON Insurance’s assets as part of efforts to determine the company’s financial position.
He is also responsible for facilitating the transfer of NICON’s life insurance portfolio to another licensed life insurer, subject to NAICOM’s approval.
Ume will further oversee the verification and settlement of the company’s legitimate liabilities in accordance with applicable laws.
As part of the winding-up process, Ume has directed policyholders, individuals, businesses and other entities with claims against NICON Insurance to submit documentary evidence and relevant details supporting their claims.
The verification exercise is aimed at establishing the insurer’s outstanding obligations and determining valid claims eligible for settlement under the applicable liquidation framework.
Ume also stated that measures were being taken to protect the interests and entitlements of NICON Insurance employees in accordance with the relevant laws and procedures governing the liquidation.
As part of the winding-up process, Ume has directed policyholders, individuals, businesses and other entities with claims against NICON Insurance to submit documentary evidence and relevant details supporting their claims.
The verification exercise is aimed at establishing the insurer’s outstanding obligations and determining valid claims eligible for settlement under the applicable liquidation framework.
Ume also stated that measures were being taken to protect the interests and entitlements of NICON Insurance employees in accordance with the relevant laws and procedures governing the liquidation.
NAICOM’s decision followed a communication sent to NICON Insurance’s board on August 3, in which the regulator cited the company’s failure to meet the minimum capital requirement applicable to its category of insurance licence.
The commission said the cancellation was effected pursuant to the powers conferred on it by the Nigerian Insurance Industry Reform Act, 2025, and other relevant regulatory provisions.
