Nigeria's biggest insurance firm, NICON loses license, taken over by receiver manager

Author: Kayode LawalPublished on: September 7, 2026Country: Nigeria

Business & Economy

Nigeria's biggest insurance firm, NICON loses license, taken over by receiver manager

The National Insurance Corporation of Nigeria, NICON, has lost its operational license, revoked by the National Insurance Commission (NAICOM) due to its persistent failure to meet regulatory requirements. Chukwuma-Machukwu Ume has been appointed as Receiver and Provisional Liquidator to oversee the company's liquidation process. NAICOM's action is part of enforcing new capital requirements introduced under the Nigerian Insurance Industry Reform Act of 2025.

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