NAICOM Revokes NICON Insurance Licence, Appoints Receiver and Provisional Liquidator
The National Insurance Commission has revoked the operating licence of NICON Insurance after the company failed to meet the required regulatory and capital standards under the Nigerian Insurance Industry Reform Act 2025. NAICOM has appointed Senior Advocate of Nigeria Chukwuma-Machukwu Ume as receiver and provisional liquidator. He will take control of NICON’s assets, records and business affairs while the company is wound up. Policyholders, creditors, business partners and government agencies have been advised to deal only with the appointed receiver on matters involving NICON. Transactions carried out without the receiver’s approval may not be recognised. The action is part of NAICOM’s recapitalisation enforcement effort, aimed at ensuring that only adequately capitalised insurance operators remain in business.
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