Kindly share this postNational Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement (MCR). The appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration by the insurance regulator. In a notice dated August 4, Banire said he was appointed by NAICOM, in the exercise of its statutory powers, to take charge of the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002). As part of the liquidation process, Banire said all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect, pending further directives from his office. The notice reminds policyholders, creditors, banks and other stakeholders that all dealings concerning Nigeria Reinsurance Corporation must henceforth be channelled through the Receiver/Provisional Liquidator until the liquidation process is concluded.