The National Insurance Commission has commenced the winding-up of NICON Insurance Limited following the cancellation of the company’s certificate of registration over its failure to meet the prescribed minimum capital requirement.

NAICOM appointed Chukwuma-Machukwu Ume, SAN, as Receiver/Provisional Liquidator pursuant to the Nigerian Insurance Industry Reform Act 2025.

Ume is mandated to immediately trace, recover, secure and take possession of NICON Insurance’s assets as part of the winding-up process.

He is also required to facilitate the transfer of the company’s life insurance portfolio to another insurer, subject to NAICOM’s approval, while collating and settling its liabilities in accordance with the law.

The company’s certificate of registration was cancelled with effect from August 3, 2026, after NICON failed to meet the minimum capital requirement applicable to its licence category within the stipulated compliance period.

The Receiver has directed individuals and organisations with claims against NICON Insurance (In-Liquidation) to submit documentary evidence and details of their claims in accordance with the liquidation procedure.

He also said arrangements were being made to address the interests and entitlements of NICON staff.

NAICOM said the Receiver would liaise with the Commission and submit periodic reports on the progress of the winding-up exercise.

The development places NICON’s assets, liabilities, policyholder obligations and staff entitlements under a formal liquidation process as the regulator moves to resolve the company’s outstanding obligations.