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NICON, Nigeria Re fighting a lost battle against NAICOM, source says

NICON Insurance Limited and Nigeria Reinsurance Corporation are fighting a “lost battle” in their dispute with the National Insurance Commission (NAICOM) over the recently concluded insurance sector…

  • NICON Insurance and Nigeria Reinsurance Corp. contest NAICOM's recapitalization process.
  • Ibrahim opposed increased minimum capital requirement for reinsurance companies.
  • NAICOM revoked operating licenses of the two companies.