The National Insurance Commission has revoked the operating licence of Nigeria Reinsurance Corporation, a company owned by businessman and politician, Senator Jimoh Ibrahim, over its failure to meet the statutory minimum capital requirement.
In a notice made public on Thursday, the commission directed members of the public to stop conducting business with the company.
NAICOM explained that the decision followed the implementation of the Nigerian Insurance Industry Reform Act, which took effect on July 31, 2026.
The commission also announced the appointment of Senior Advocate of Nigeria, Dr Muiz Banire, as the receiver and provisional liquidator of the company.
According to the notice, all financial institutions and members of the public have been advised not to honour any transaction or instruction relating to the company except those issued by the appointed liquidator.
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“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 and provisional liquidator,” Banire stated.
The development comes amid broader efforts by the insurance regulator to enforce new capital requirements across the industry.
NICON Insurance Limited, another company linked to Jimoh Ibrahim, was also absent from the list of 43 insurance firms that recently met the commission’s recapitalisation requirements.
Reports indicate that both Nigeria Reinsurance Corporation and NICON Insurance Limited have approached the court to challenge the regulator’s decision.
The revocation represents one of the most significant regulatory actions in Nigeria’s insurance industry in recent years.