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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.

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2 hours 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In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in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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NDIC begins paying depositors of 46 closed microfinance banks

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Business

NDIC begins paying depositors of 46 closed microfinance banks

NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.

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3 hours ago

August 6, 2026

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The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.

” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.

“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.

Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.

Business

Naira Exchange Rates Thursday, August 5

Published

4 hours ago

August 6, 2026

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,420 Sell ₦1,425

GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,915

EURO (EUR) Buy ₦1,585 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

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

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Access Bank

Currency Sell

USD / NGN ₦1378.00

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1385.00

GBP / NGN ₦1795.89 ₦1884.00

EUR / NGN ₦1536.93 ₦1618.33

ZAR / NGN ₦82.34 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,363.85

GREAT BRITISH POUND (GBP) ₦1,837.38

EURO (EUR) ₦1,575.25

SWISS FRANC (CHF) ₦1,686.26

JAPANESE YEN (JPN) ₦8.65

CHINESE YUAN (CNY) ₦202.05

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859.53

SAUDI RIYAL (SAR) ₦363.12

SOUTH AFRICAN RAND (ZAR) ₦83.35

Business

Court jails illegal forex dealer two months

The EFCC stated that the defendant pleaded guilty after the charge was read to him.

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1 day ago

August 5, 2026

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A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced a bureau de change operator, Dabo Malam Ardi, to two months’ imprisonment for engaging in illegal foreign exchange transactions.

The Economic and Financial Crimes Commission, in a statement on its official X account , said that Ardi was arraigned before Justice F. N. Ogazi by the Lagos Zonal Directorate 1 of the EFCC on a one-count charge bordering on illegal foreign exchange transactions.

The charge read, “That you, Dabo Malam Ardi, sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the same Act.”

The EFCC stated that the defendant pleaded guilty after the charge was read to him.

Following the guilty plea, the prosecution counsel, S. I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant accordingly.

Justice Ogazi subsequently found Ardi guilty and sentenced him to two months’ imprisonment, with an option of an N80,000 fine.