NAICOM cancels NICON Insurance operating licence

The National Insurance Commission (NAICOM) has cancelled the operating licence of NICON Insurance Limited. The regulatory action follows the company’s failure to meet new minimum capital requirements mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

NAICOM has appointed Chukwuma Machukwu Ume, a Senior Advocate of Nigeria, as the Receiver/Provisional Liquidator. The liquidator has issued a public notice to policyholders, creditors, and relevant registries, stating that all matters concerning the company’s assets and business must be directed to his office.

Transactions or contracts purportedly made on behalf of NICON Insurance Limited will not be honoured without the ratification of the Receiver/Liquidator. The liquidation process aims to secure company assets, establish liabilities, and oversee an orderly winding up of operations.