The National Insurance Commission (NAICOM) has cancelled the operating permit for Nigeria Reinsurance Corporation, an entity controlled by Senator Jimoh Ibrahim. The regulator stated that the firm failed to comply with the mandatory Minimum Capital Requirement.
A public advisory released on Thursday warns citizens and financial entities to stop dealing with the company immediately. Dr. Muiz Banire, a Senior Advocate of Nigeria, has been named the official Receiver and Provisional Liquidator. Dr. Banire emphasized that all financial operations linked to the firm are now restricted to his oversight.
This decision follows a broader trend involving Jimoh Ibrahim’s business interests. His other company, NICON Insurance Limited, failed to appear on the official list of 43 insurers that achieved the new capital standards set by NAICOM. Court filings indicate that both Nigeria Reinsurance and NICON are currently contesting the revocation of their operating rights.
This enforcement action represents a major shift in the domestic insurance market as authorities implement the Nigerian Insurance Industry Reform Act, which took effect on July 31, 2026.
