The National Insurance Commission, NAICOM, has revoked the operating licence of Nigeria Reinsurance Corporation, owned by billionaire businessman and politician, Senator Jimoh Ibrahim.
NAICOM said the licence was withdrawn for failing to meet the statutory Minimum Capital Requirement, MCR.
In a notice that surfaced on Thursday, NAICOM urged the public to cease all transactions with the company.
The notice further stated that it had appointed Senior Advocate of Nigeria, SAN, Dr Muiz Banire, as the Receiver/Provisional Liquidator.
“Members of the general public, banks and financial institutions in Nigeria are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” he said.
Similarly, NICON Insurance Limited, also owned by Jimoh Ibrahim, was missing from the list of 43 insurance firms that met NAICOM’s recent recapitalisation requirements.
However, Nigeria Reinsurance and NICON had headed to court to challenge NAICOM’s licence revocation, according to court documents.
The development marks one of the most significant shake-ups in Nigeria’s insurance sector as the regulator began enforcing the Nigerian Insurance Industry Reform Act, NIIRA on July 31, 2026.