Economy
NAICOM revokes Nigeria Reinsurance’s licence, appoints Muiz Banire as receiver/liquidator
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According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in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.
Nigeria’s headline inflation rate declined slightly to 15.39 per cent in August 2026, down from 15.43 per cent recorded in July, according to the National Bureau of Statistics, NBS.
The NBS disclosed this in its Consumer Price Index, CPI, report for August 2026 released on Tuesday.
The bureau said the CPI, which tracks changes in the prices of goods and services, rose to 146.3 points in August from 145.3 points in July, representing an increase of 1.0 point.
According to the report, the headline inflation rate dropped by 0.04 percentage points compared to the 15.43 per cent recorded in July. The figure was also considerably lower than the 23.14 per cent posted in August 2025.
On a month-on-month basis, headline inflation slowed to 0.71 per cent in August from 1.57 per cent in July.
“This means that in August 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in July 2026,” the bureau stated.
The NBS further reported that the average CPI for the 12 months ending August 2026 rose by 16.30 per cent compared with the average recorded in the preceding 12-month period.
It noted that this represented a decline of 12.02 percentage from the 28.32 per cent recorded in August 2025.
The report showed that urban inflation stood at 15.88 per cent year-on-year in August, while month-on-month urban inflation fell sharply to 0.28 per cent from 1.90 per cent in July.
The 12-month average urban inflation rate was put at 16.28 per cent, compared with 29.73 per cent recorded in the corresponding period of 2025.
For rural areas, the bureau reported a year-on-year inflation rate of 14.23 per cent in August.
However, rural month-on-month inflation rose to 1.79 per cent from 0.78 per cent recorded in July.
The 12-month average rural inflation rate stood at 16.02 per cent in August, lower than the 26.47 per cent recorded a year earlier.
The NBS also reported a moderation in food inflation, which declined to 19.57 per cent year-on-year in August, compared with 25.30 per cent in August 2025.
Month-on-month food inflation also dropped significantly to 1.02 per cent in August from 5.56 per cent recorded in July.
According to the bureau, the easing in food inflation reflected changes in the prices of commodities such as palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, melon, fresh ginger, fresh fish, Irish potatoes, wheat grain, frozen chicken and turkey meat.
The report indicated that while food prices continued to rise in August, the pace of increase was slower than what was recorded in July.
The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering on Monday triggered a surge in demand that overwhelmed two popular Nigerian investment platforms, Bamboo and Cowrywise.
Both platforms reported unusually high traffic as retail investors rushed to subscribe to the offer, with some users unable to log into their accounts.
Bamboo announced the access difficulties on X, attributing them to the unexpected volume of traffic generated by investors seeking to participate in the Dangote IPO.
“Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly,” the platform said.
Cowrywise also acknowledged increased traffic on its platform.
“We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone,” it said in a post on X.
The two platforms are among the approved fintech channels through which investors can subscribe to the Dangote Refinery public offer.
The rush came as the offer opened to investors on Monday, with the public offer seeking to raise about N2.15tn through the sale of 4.1 billion ordinary shares at N525 each.
Investors can subscribe for a minimum of 10 shares, valued at N5,250, a structure designed to encourage broad participation by retail investors.
The Dangote Refinery IPO is one of the largest public share offerings in Africa. The refinery, owned by the Dangote Group, plans to use the proceeds to support expansion and increase its refining capacity.
The offer has generated significant interest among retail investors, following efforts to promote the opportunity as a means of allowing Nigerians and other African investors to own shares in one of the continent’s biggest industrial projects.
The surge in demand highlights the scale of interest in the offer while exposing the pressure that high-demand investment events can place on digital platforms.
The Securities and Exchange Commission had earlier warned investors against unauthorised promotions relating to a purported Dangote Refinery IPO before the formal offer received regulatory approval.
In June, the commission said no application for the IPO had been filed or approved at the time and directed capital market operators to stop accepting deposits or expressions of interest.
Following regulatory approval, the Dangote Refinery public offer was cleared to proceed, with the company publishing a list of approved banks, fintechs, mobile operators and NGX Invest through which investors can subscribe.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 14th September 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, 14th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1390 and buy at ₦1380 on Monday, 14th September, 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 ₦1390
Buying Rate ₦1380
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1330
Lowest Rate ₦1326
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