NAICOM revokes NICON’s licence, appoints receiver manager

The National Insurance Commission (NAICOM) has revoked the operational licence of National Insurance Corporation of Nigeria (NICON) over its failure to meet regulatory requirements.

The regulator cancelled NICON’s licence, RIC-049, and appointed Senior Advocate of Nigeria, Chukwuma-Machukwu Ume, as Receiver and Provisional Liquidator. The move transfers control of the Federal Government-owned insurer to the receiver, who will secure its assets, establish liabilities and oversee its winding-up.

NAICOM’s action forms part of enforcement of new capital requirements under the Nigerian Insurance Industry Reform Act 2025. NICON reportedly failed to meet the prescribed recapitalisation requirements within the stipulated deadline.