Abuja, September 7, 2026 – The National Insurance Commission (NAICOM) has cancelled the operating licence of NICON Insurance Limited and appointed a Receiver/Provisional Liquidator to take over the company’s affairs, marking a major regulatory action against one of Nigeria’s historic insurance firms.
NAICOM revoked NICON’s Certificate of Registration (RIC-049) after the company failed to meet the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 within the stipulated recapitalisation deadline.
The cancellation effectively ends the firm’s authority to underwrite new business or continue operations as a licensed insurer.
Following the revocation, the Commission appointed Senior Advocate of Nigeria Chukwuma-Machukwu Ume as Receiver and Provisional Liquidator.
Ume has issued a public notice directing all policyholders, creditors, business partners, federal and state governments, the Federal Capital Territory administration, and land registries to channel any matters relating to NICON Insurance Limited (In-Liquidation) exclusively through his office.
The notice warns that any transactions, contracts, commitments or dealings purportedly carried out on behalf of the company will not be recognised or honoured without the Receiver/Liquidator’s prior ratification. Control of the company’s assets, records, liabilities and operations has now transferred to the appointed official, whose mandate includes securing assets, verifying legitimate claims and overseeing an orderly winding-up process in accordance with the law.
NICON, originally established in 1969 by Decree 2 as the National Insurance Corporation of Nigeria and long regarded as one of the country’s major insurance operators, was among the firms that did not satisfy the revised capital thresholds.
Under the NIIRA 2025 framework, non-life insurers require a minimum of N15 billion, life insurers N10 billion, composite insurers N25 billion and reinsurers N35 billion. NAICOM has confirmed that 43 insurance and reinsurance companies successfully met the new requirements by the close of the recapitalisation exercise.
The action against NICON follows earlier regulatory steps involving Nigeria Reinsurance Corporation, another firm linked to the same ownership interests, whose licence was also cancelled for similar non-compliance.
Both companies had challenged aspects of the recapitalisation process, including through court actions and petitions to the Federal Ministry of Finance, but the regulator proceeded with enforcement.
Industry observers note that the revocation forms part of NAICOM’s broader effort to strengthen the insurance sector’s financial resilience and protect policyholders. The Receiver/Provisional Liquidator is expected to prioritise the identification and protection of assets, transfer of any life insurance portfolio where applicable, and orderly settlement of outstanding obligations.
Stakeholders with claims or dealings involving NICON have been advised to contact the Receiver’s office promptly to ensure their interests are properly recorded in the liquidation process.
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