ABUJA — The National Insurance Commission (NAICOM) has formally cancelled the Certificate of Registration (RIC-049) of NICON Insurance Limited, effectively stripping one of Nigeria’s premier and historically largest underwriting firms of its operating licence.
In a move to protect policyholders, preserve assets, and manage liabilities, the apex insurance regulator appointed Senior Advocate of Nigeria (SAN), Chukwuma-Machukwu Ume, as the Receiver and Provisional Liquidator to take immediate charge of the company’s affairs.
The regulatory intervention follows NICON’s failure to meet the statutory Minimum Capital Requirement set under the regulatory framework of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. With the revocation order coming into effect, all executive powers of the board and management have been superseded by the appointed Receiver.
Key Operational Directives & Winding-Up Mandate
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Asset Containment & Protection: The Receiver/Provisional Liquidator issued a formal notice to policyholders, creditors, financial institutions, and federal, state, and FCT land registries, directing that all matters concerning the assets, liabilities, and ongoing business of NICON Insurance Limited (In-Liquidation) be routed strictly through his office.
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Voiding Unsanctioned Dealings: The public notice warned that any transactions, commitments, contracts, or asset transfers purportedly executed on behalf of NICON Insurance without the explicit written ratification of the Receiver will be declared null and void.
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Life Insurance Portfolio Transfer: Pursuant to NAICOM guidelines, the Receiver is mandated to expedite the orderly transfer of NICON’s life insurance portfolio to a licensed, solvent life underwriting firm to ensure policyholders’ coverage remains protected.
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Creditor & Staff Claims Verification: Arrangements have been initiated to collate, verify, and settle legitimate claims from policyholders, trade creditors, and staff entitlements in accordance with formal liquidation priorities governed by law.
