NAICOM revokes NICON’s licence, appoints receiver and provisional liquidator

Nigeria’s National Insurance Corporation of Nigeria (NICON), long regarded as one of the country’s major insurance firms, has lost its operating licence. The National Insurance Commission (NAICOM) has revoked the company’s certificate of registration and placed it under the control of a receiver manager.NICON, established in 1969 by Decree 2 and originally owned by the Federal Government, held licence number RIC-049. NAICOM cancelled the licence after the company repeatedly failed to meet the prescribed regulatory requirements, particularly the new minimum capital thresholds introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.Following the revocation, NAICOM 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’s affairs, assets, or business through his office.The notice makes clear that any transactions, contracts, or commitments made on behalf of NICON (now in liquidation) will not be recognised unless ratified by the Receiver and Provisional Liquidator.Control of the company’s operations has now transferred fully to the appointed official, whose mandate includes securing assets, verifying liabilities, and overseeing an orderly winding-up process in line with the law. The move forms part of NAICOM’s broader enforcement of the recapitalisation exercise, under which several operators that missed the compliance deadline have had their licences cancelled.    

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 The operational licence of NICON – owned by the Federal Government and established in 1969 by Decree 2 – has been revoked by the National Insurance Commission, NAICOM, Nigeria’s insurance regulatory body.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 insurance firm, NICON loses license, taken over by receiver manager