The National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance Limited and appointed Senior Advocate of Nigeria (SAN), Chukwuma-Machukwu Ume, as Receiver and Provisional Liquidator.
NAICOM cancelled NICON’s Certificate of Registration, RIC-049, after the insurer failed to meet prescribed regulatory requirements under the ongoing insurance industry recapitalization exercise.
The action transfers control of NICON’s affairs, assets, and records to the appointed receiver, who is responsible for securing the company’s assets, determining its liabilities, and overseeing the winding-up process.
In a public notice, Ume directed policyholders, creditors, business partners, government agencies, and land registries to channel all matters relating to NICON to his office.
He also warned that transactions, contracts, or other commitments entered into on behalf of NICON, now in liquidation, would not be recognized without the receiver’s approval.
The revocation follows the implementation of new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. NAICOM’s recapitalization exercise ended on July 31, 2026, with several operators failing to meet the regulator’s requirements.
NICON had earlier disputed some of NAICOM’s recapitalization requirements. The Federal Ministry of Finance subsequently directed the regulator to suspend enforcement of about N680 million in disputed fees involving NICON and Nigeria pending a review.
The latest action places NICON’s assets and liabilities under the receiver as the company moves through the statutory liquidation process.
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