By Sunday Ameh
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation, a company owned by billionaire businessman and politician, Senator Jimoh Ibrahim.
NAICOM said the licence was withdrawn after the company failed to meet the statutory Minimum Capital Requirement (MCR), as required under the Nigerian Insurance Industry Reform Act (NIIRA).
In a notice issued on Thursday, the insurance regulator directed members of the public to cease all financial transactions with the company.
The commission also announced the appointment of Senior Advocate of Nigeria (SAN), Dr. Muiz Banire, as the Receiver/Provisional Liquidator of Nigeria Reinsurance Corporation.
According to the notice, all banks, financial institutions and members of the public have been instructed not to act on any financial instructions relating to the company except those issued by the Receiver/Provisional Liquidator.
NAICOM further noted that NICON Insurance Limited, another insurance company linked to Senator Jimoh Ibrahim, was absent from the list of 43 insurance firms that successfully met the commission’s recapitalisation requirements.
Meanwhile, court documents indicate that Nigeria Reinsurance Corporation and NICON Insurance Limited have challenged NAICOM’s decision to revoke their licences.
The development marks a significant milestone in the ongoing reform of Nigeria’s insurance sector, as NAICOM intensifies enforcement of the Nigerian Insurance Industry Reform Act, which took effect on July 31, 2026.
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