NAICOM BEGINS NICON INSURANCE WIND-UP, APPOINTS RECEIVER

The National Insurance Commission has commenced the formal winding-up of NICON Insurance Limited after cancelling the company’s registration for failing to meet the minimum capital requirement for its licence category.

NAICOM appointed Chukwuma-Machukwu Ume, SAN, as Receiver/Provisional Liquidator to take control of the insurer’s assets, manage its outstanding obligations and oversee the winding-up process.

The commission cancelled NICON Insurance’s certificate of registration with effect from August 3, 2026, following the company’s failure to meet the required capital threshold within the period granted by the regulator. 

Ume said his responsibilities include identifying, recovering and securing the company’s assets while determining its financial position. He is also expected to facilitate the transfer of NICON’s life insurance portfolio to another licensed insurer, subject to NAICOM’s approval.

Policyholders, creditors, businesses and other individuals with claims against the company have been directed to submit documentary evidence supporting their claims for verification.

The receiver will also oversee the verification and settlement of legitimate liabilities in accordance with the law and address the interests of NICON employees.

The winding-up process is being carried out under the Nigerian Insurance Industry Reform Act, 2025, following NAICOM’s regulatory action against the insurer.