NICON Insurance enters provisional liquidation after licence revocation

NICON Insurance Limited has entered provisional liquidation following the revocation of its operating licence by the National Insurance Commission (NAICOM). The regulatory action was taken because the company failed to meet the minimum recapitalisation requirements mandated by the Nigerian Insurance Industry Reform Act of 2025.

Following an application by NAICOM, the Federal High Court in Abuja appointed Chukwuma Machukwu-Ume (SAN) as the Receiver and Provisional Liquidator. The court ordered that all assets, investments, bank accounts, and proprietary interests of NICON be preserved and protected to safeguard the interests of policyholders, creditors, and other stakeholders.

The appointed liquidator has issued a public notice instructing policyholders, creditors, business partners, and government entities to direct all matters concerning the company’s affairs and assets to the receiver. The notice warns that any transactions or contracts purportedly undertaken on behalf of NICON during this liquidation process will not be honoured without the liquidator's ratification.