Nigeria’s NAICOM Issues New Licences to 43 Recapitalised Insurers

Nigeria's insurance regulator has issued fresh licences to the 43 insurers and reinsurers that met sharply higher capital floors under the 2025 reform act. Eight more firms are still under review, and up to 15 could lose their licences; the first, Nigeria Reinsurance Corporation, is already in liquidation.

By Innocent Anaba The National Insurance Commission, NAICOM, has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement, MCR, and appointed Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.The appointme