ADVERTISEMENT

ADVERTISEMENT

The National Insurance Commission, NAICOM, has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement, MCR, and appointed 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 corporation’s certificate of registration by the insurance regulator.

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

According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in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 empowers him to immediately trace, recover, secure and take possession of all assets belonging to the company, collate and settle its liabilities in accordance with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

He also directed banks, financial institutions, insurance 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.

As part of the liquidation process, Banire announced that all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect pending further directives from his office.

He warned that any transaction carried out without his authorisation would be at the risk of the parties involved.

“Members of the general public, banks and financial institutions in Nigeria are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” the notice stated.

According to him, only instructions bearing his official seal and stamp as a legal practitioner, or those issued by persons duly authorised by him, will be recognised throughout the liquidation process.

The regulatory action marks a significant enforcement measure by NAICOM and underscores the Commission’s resolve to ensure that insurance and reinsurance companies operating in Nigeria comply with statutory capital requirements designed to safeguard policyholders and strengthen the financial stability of the industry.

The liquidation process is expected to involve the recovery and realisation of the company’s assets, verification and settlement of valid claims and liabilities, and the orderly winding up of its affairs in accordance with the provisions of the law.

The public notice serves as formal notification to policyholders, creditors, banks and other stakeholders that all dealings concerning Nigeria Reinsurance Corporation must henceforth, be channelled through the Receiver/Provisional Liquidator until the liquidation process is concluded.

ADVERTISEMENT

ADVERTISEMENT

The Black Market Dollar-to-Naira Exchange Rate for 5th August 2026 Can Be Accessed Below.

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 5th August 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1425 and buy at ₦1410 on Wednesday, 5th August, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1425
Buying Rate ₦1410
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1364
Lowest Rate ₦1361

ADVERTISEMENT

ADVERTISEMENT

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has disclosed that the federal government will, in a matter of weeks, roll out a 90,000-kilometre fibre optic network nationwide.

He described it as one of the country’s most ambitious digital infrastructure projects targeted at transforming broadband connectivity across the country.

Tijani, who spoke with newsmen yesterday after briefing President Bola Tinubu at the State House, Abuja, on the progress of three flagship digital projects being implemented by his ministry, said government had completed the resource mobilisation and contractual processes required for the fibre project and was ready to begin deployment across the country.

He said: “We’re now at the point where, in a few weeks’ time, we should start to lay those fibre, so people will start seeing us around the country deploying the fibre. This is going to transform Nigeria for good.”

According to him, the project would extend fibre optic infrastructure to every state, geopolitical zone, local government area and ward, significantly improving the quality and reach of internet connectivity.

“This is a project where every state, every geopolitical zone, every local government and every ward in this country will be covered with fibre optic cables, which will transform the quality of connectivity,” he added.

Tijani also appreciated Tinubu for policy reforms that have strengthened the communications sector, including the designation of digital infrastructure as Critical National Infrastructure, tariff adjustments and tax harmonisation.

“I think our sector has been extremely fortunate. With Mr. President, as you can imagine, he’s given us quite a number of things that the sector has been demanding for a long time. Whether it’s the critical national infrastructure designation for all digital infrastructure, or the slight adjustment in tariff, which you’ve seen, the tax harmonisation, which the sector has been asking for.

“I think it’s probably the sector that is most appreciative of this government because when we came in, the sector was contributing between 16 to 18 per cent to our GDP, but today that sector is tracking close to 21 per cent, so it’s a significant growth”, he said.

On rural connectivity, the minister stressed that the government would begin deploying about 3,700 telecommunications towers from October to provide network coverage for more than 20 million Nigerians currently living in communities without access to telecommunications services.

He stressed: “Mr. President also sanctioned that project. Today we’re in a place where, before the end of the year, we’ll also start to deploy close to 3,700 towers. It’s taken a lot of time putting this project together, raising the capital for it, but we are at a point where we should now start deploying around October.”

Tijani also stated that Nigeria would launch an alphanumeric postcode system on October 1, placing the country among a small number of nations using the advanced addressing technology.

“Nigeria will be amongst maybe 10 or 15 countries in the world with an alphanumeric postcode. It’s the latest design in the postcode system where we can now identify every property in this country. We’re hoping to launch that one on the 1st of October”, he said.

The system, the minister said, will assign a unique address to every building, making deliveries faster, boosting e-commerce, strengthening security and improving public service delivery.

“Inability to locate places comes at a cost. You can start to imagine what this will do to e-commerce. This would transform e-commerce completely because it means that things can now be delivered in record time”, Tijani said.

According to him, integrating the postcode system with existing government identity databases would enhance security and improve the efficiency of government services.

“Our alphanumeric postcode is unique because it allows us to have unique addresses for every property. In a lot of countries, like the UK, postcodes are not unique to one building; they’re typically for a cluster of buildings. But what we have here is one where you can identify every building. That will change the game significantly for Nigeria in terms of the delivery of public services,” he added.