Abuja: The National Insurance Commission (NAICOM) has revoked the operating license of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR). NAICOM has appointed Dr. Muiz Banire (SAN) as receiver and provisional liquidator to wind up the corporation’s affairs.
According to News Agency of Nigeria, Banire informed journalists that his appointment took effect on August 3 following the cancellation of the company’s certificate of registration. He stated that NAICOM exercised its statutory powers to appoint him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002). The decision came after the company failed to comply with the minimum capital requirement applicable to its license category within the stipulated compliance period.
Banire emphasized that the action was taken in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other relevant regulations. ‘The company’s license is revoked after it failed to comply with the prescribed minimum capital requirement,’ he explained. His appointment empowers him to recover, secure, and take possession of all assets belonging to the company.
The receiver also mentioned that he would collate and settle liabilities in accordance with NIIRA 2025 and submit periodic reports to NAICOM. He directed banks, financial institutions, policyholders, and the public not to honor any instruction relating to the company except those issued by him. Furthermore, he announced that all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect.
Banire cautioned that any transaction conducted without his authorization would be at the risk of the parties involved. ‘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 authorized by me, will be recognized,’ he warned.