…as NAICOM appoints Muiz Banire as Receiver/Liquidator
The operating licence of the Nigeria Reinsurance Corporation has been revoked over alleged failure to meet the statutory Minimum Capital Requirement (MCR).
The revocation was executed by the National Insurance Commission (NAICOM), which subsequently appointed renowned legal luminary and Senior Advocate of Nigeria, Dr Muiz Banire, SAN, as Receiver/Provisional Liquidator to oversee the winding up of the company’s affairs.
The appointment, which took effect on August 3, 2026, was consequent upon the cancellation of the reinsurance company’s certificate of registration, identified as RR-002.
According to a public notice dated August 4, 2026, Dr Banire confirmed his appointment by NAICOM in exercise of its statutory powers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant insurance laws and regulations.
In the notice, Nigeria Reinsurance Corporation allegedly failed to comply with the prescribed Minimum Capital Requirement for its licence category within the stipulated compliance period.
Being a Receiver/Provisional Liquidator, Dr Banire is empowered to trace, recover, secure and take possession of all assets belonging to Nigeria Reinsurance Corporation, collate and settle all liabilities in line with the NIIRA 2025, liaise with NAICOM, and submit periodic reports to the Commission.
Dr Banire issued a directive to all banks, financial institutions, policyholders, creditors, and members of the public to disregard any instruction relating to the company except those issued by him or persons expressly authorised by him.
Dr Banire, in order to ensure a transparent liquidation process, announced the immediate freezing of all bank accounts belonging to the Nigeria Reinsurance Corporation pending further directives.
In his words: “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.”
Banire issued a warning that any transaction carried out without his authorisation will be at the risk of the parties involved, adding that only instructions bearing his official seal and stamp as a legal practitioner will be recognised.
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