2 days ago
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The National Insurance Commission, NAICOM, has revoked the operating licence of Nigeria Reinsurance Corporation, owned by billionaire businessman and politician, Senator Jimoh Ibrahim.
NAICOM said the licence was withdrawn for failing to conscionable the statutory Minimum Capital Requirement, MCR.
In a announcement that surfaced on Thursday, NAICOM urged the nationalist to cease each transactions with the company.
The announcement further stated that it had appointed Senior Advocate of Nigeria, SAN, Dr Muiz Banire, arsenic the Receiver/Provisional Liquidator.
“Members of the wide public, banks and fiscal institutions successful Nigeria are hereby informed that nary fiscal transactions should beryllium conducted pursuant to immoderate acquisition from anyone but those that I contented arsenic the Receiver/Provisional Liquidator,” helium said.
Similarly, NICON Insurance Limited, besides owned by Jimoh Ibrahim, was missing from the database of 43 security firms that met NAICOM’s caller recapitalisation requirements.
However, Nigeria Reinsurance and NICON had headed to tribunal to situation NAICOM’s licence revocation, according to tribunal documents.
The improvement marks 1 of the astir important shake-ups successful Nigeria’s security assemblage arsenic the regulator began enforcing the Nigerian Insurance Industry Reform Act, NIIRA connected July 3...
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