By Chika Okeke
The National Insurance Commission, NAICOM, has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement, MCR.
This was even as the Commission disclosed the appointment of Dr Muiz Banire (SAN) as receiver and provisional liquidator to wind up Reinsurance’s affairs.
Addressing journalists on Wednesday, Banire noted that his appointment took effect on August 3, following the cancellation of the company’s certificate of registration.
He noted that NAICOM exercised its statutory powers to appoint him to oversee the receivership and liquidation of Nigeria Reinsurance Corporation, RR-002.
Banire lamented that Reinsurance failed to comply with the minimum capital requirement applicable to its licence category within the stipulated compliance period, adding that NDIC revoked the licence in line with the Nigerian Insurance Industry Reform Act, NIIRA 2025 and other relevant regulations.
He stated that his appointment empowered him to recover, secure and take possession of all assets belonging to the company, saying that the receiver would collate and settle liabilities in accordance with NIIRA 2025 and submit periodic reports to NAICOM.
To this end, he directed banks, financial institutions, policyholders and the public not to honour any instruction relating to the company except those issued by him, noting that all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect.
He cautioned that any transaction conducted without his authorisation would be at the risk of the parties involved.
Banire added: “Members of the public, banks and financial institutions are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except me.
“Only instructions bearing my official seal and stamp, or those issued by persons duly authorised by me, will be recognised.”
