Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

3 weeks ago

August 6, 2026

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The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay

Related Topics:Featured NAICOM Nigeria Reinsurance license revocation

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Naira Exchange Rates Thursday, August 27

Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Nigerian Naira against dollars at N1,343.59.

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13 hours ago

August 27, 2026

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Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Naira against dollars at N1,343.59

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,405 Sell ₦1,410

Great British Pound(GBP) Buy ₦1,895 Sell: ₦1,915

EURO (EUR) Buy ₦1,595 Sell ₦1,615

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana CEDI (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,343.59

Great British Pound (GBP) ₦1,827.96

EURO (EUR) ₦1,566.09

Swiss Franc (CHF) ₦1,668.44

Chinese Yuan (CNY) ₦199.87

Japanese Yen (Yen) ₦8.43

West African CFA (XOF) ₦2. 39

West African Unit Account (WAUA) ₦1,847.86

Saudi Riyal (SAR) ₦357.84

South African Rand (ZAR) ₦84.16

Business

Meta U.S. agrees to pay $18bn lawsuits over children’s social media addiction

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

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22 hours ago

August 26, 2026

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Meta Platforms on Wednesday agreed to make major changes to Facebook and Instagram and pay up to $18 billion to resolve claims by most U.S. states that it designed those platforms to addict children and misled consumers about their safety.

Reuters reported that the settlements end a federal trial that had been one of the highest-profile tests of allegations that social media companies harm children.

It said that while Meta will not undergo a fundamental overhaul, the ‌accords represent a sweeping effort to define how it serves young users.

The focus of this case was to protect our kids,” Colorado Attorney General Phil Weiser said in a statement.

“The relief we are getting in this settlement is very meaningful and well beyond what any court has ordered or is likely to order.”

Meta agreed for the next decade to restrict teenagers’ use of Facebook and Instagram to two hours a day and block all usage from midnight to 6 a.m., absent parental consent.

These limits could be tightened if other social media companies adopt similar terms.

Meta will also enhance measures to prevent children from accessing age-restricted content.

The settlement does not require Meta, which denied wrongdoing in agreeing to settle, to abandon personalized recommendations or targeted advertising.

The total payout represents about three to four months of profit for the Menlo ⁠Park, California-based company.