The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation, a company owned by businessman and diplomat, Senator Jimoh Ibrahim.
The decision is part of NAICOM’s broader effort to strengthen the financial base of Nigeria’s insurance sector. Senator Jimoh Ibrahim currently serves as Nigeria’s Permanent Representative to the United Nations.
According to NAICOM, the licence was withdrawn due to the company’s failure to meet the statutory Minimum Capital Requirement (MCR). In a notice issued on Thursday, the Commission advised members of the public to cease all transactions with the company.
The notice further stated that the Senior Advocate of Nigeria, Dr Muiz Banire, has been appointed as the Receiver/Provisional Liquidator. He emphasized that:
“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.”
In a related development, NICON Insurance Limited, also owned by Jimoh Ibrahim, was not listed among the 43 insurance firms that met NAICOM’s recent recapitalisation requirements.
However, court documents indicate that both Nigeria Reinsurance Corporation and NICON Insurance Limited have challenged NAICOM’s actions in court.
This development represents one of the most significant shake-ups in Nigeria’s insurance sector, as the regulator intensifies enforcement of the Nigerian Insurance Industry Reform Act (NIIRA), which came into effect on July 31, 2026.
