Nigeria’s biggest insurance firm, NICON loses license, taken over by receiver manager
Nigeria’s biggest insurance company, National Insurance Corporation of Nigeria, NICON, has finally lost its operational licence and taken over by a Receiver Manager. The operational licence of NICON – owned by the Federal Government and established in 1969 by Decree 2 – has been revoked by the National Insurance Commission, NAICOM, Nigeria’s insurance regulatory body. […] Nigeria’s biggest…
National Insurance Corporation of Nigeria, the country's largest insurance firm, has lost its operational license and is now under the control of a Receiver Manager. The National Insurance Commission, NAICOM, revoked the company's license, RIC - 049, due to ongoing failure to meet regulatory standards. SAN Chukwuma-Machukwu Ume was appointed as the Receiver and Provisional Liquidator of the company.
A public notice was issued for policy-holders, creditors, business partners, and other stakeholders to direct all matters relating to NICON to the Receiver and Liquidator. The Receiver is now responsible for safeguarding company assets, identifying liabilities, and overseeing the winding-up process. The cancellation of NICON's license is a consequence of the company's inability to meet the new capital requirements set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025 within the given timeframe.
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