Economy
NAICOM revokes Nigeria Reinsurance’s licence, appoints Muiz Banire as receiver/liquidator
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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According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in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.
The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations in Abuja and nearby areas from ₦1,250 to ₦1,270 per litre.
The Genius Media Nigeria understands that the latest adjustment means customers buying Premium Motor Spirit (PMS) from NNPCL stations now pay ₦20 more for each litre than they did previously.
According to report, retailers such as MRS, Geregu, Ranoil, Emedab and Mobil are selling below the new NNPCL price.
MRS stations adjusted their price upward by ₦20, but their petrol was still being sold at about ₦1,230 per litre. This leaves a ₦40 difference between the MRS price and the new NNPCL rate.
However, not all filling stations are selling below NNPCL.
Some outlets, including Empire and AA Rano, were reported to be charging between ₦1,275 and ₦1,299 per litre, putting their prices above the state-owned company’s latest rate.
The latest NNPCL price also comes as international crude oil prices have been moving lower.
Brent crude was trading around $88.80 per barrel, while West Texas Intermediate (WTI) stood at about $81.86 per barrel at the time of the report.
In other news, the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been commended for “remarkable progress” in restoring confidence, increasing production and attracting fresh investment into Nigeria’s oil and gas sector.
The Citizens Forum for Energy Accountability and Development (CFEAD) said the recent achievements announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, demonstrated that sustained institutional reforms and stronger operational discipline could reposition the petroleum industry as a major driver of economic growth.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
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