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News
NAICOM, NCAA Sign MoU to Tighten Aviation Insurance Oversight
3+ day, 14+ hour ago (416+ words) streamlinefeed.co.ke The National Insurance Commission and the Nigeria Civil Aviation Authority signed a memorandum of understanding on Wednesday, September 9, at the NCAA headquarters in Abuja, tightening oversight of aviation insurance compliance and establishing a Joint Technical Committee on…...
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
4+ day, 6+ hour ago (473+ words) Nigeria’s insurance sector is set for a five-year strengthening programme aimed at raising insurance penetration from 0.5 percent of gross domestic product (GDP) to 10 percent by 2031 and expanding coverage to more than 55 million beneficiaries. The initiative, known as the Insurance Sector…...
CTP compliance concentrated at one insurer in SIRA’s Q4 update
4+ day, 8+ hour ago (585+ words) The State Insurance Regulatory Authority (SIRA) has published its quarterly regulatory update for the period ending June 30, 2026 – and a single insurer’s compliance record is the standout finding. For context, SIRA’s December 2025 quarterly update recorded three CTP remediation plans commencing across…...
Mutual Benefits drives growth post-recapitalisation, expanding protection across Nigeria
5+ day, 5+ hour ago (369+ words) For more than 30 years, Mutual Benefits Assurance Plc has built its reputation on a simple promise of being there for Nigerians when protection matters most. From safeguarding families and businesses to protecting assets and supporting long-term financial goals, the company…...
NICON Rejects NAICOM Licence Revocation, Insists It Remains A Going Concern As Legal Battle Looms
5+ day, 12+ hour ago (857+ words) NICON rejects NAICOM’s licence revocation, calls recapitalisation exercise “fake and fraudulent” and says the dispute is before court. National Insurance Commission (NAICOM) has revoked the operating licenceof NICON Insurance Limited and appointed a Receiver/Provisional Liquidator to take control of…...
NICON INSURANCE We are in Business: NAICOM The Insurance Regulator is under EFCC for Fruaudulent Recapitalisation
5+ day, 17+ hour ago (18+ words) Ondo Events...
Nigeria’s biggest insurance firm, NICON, loses licence – What it means for policyholders, creditors, other stakeholders
5+ day, 15+ hour ago (491+ words) The National Insurance Commission, NAICOM, Nigeria’s insurance regulatory body, has revoked the operational licence of the National Insurance Corporation of Nigeria, NICON. NICON, Nigeria’s biggest insurance company, was established in 1969 by Decree 2 and owned by the federal government. NAICOM revoked…...
NAICOM Revokes NICON Insurance Licence, Appoints Receiver
6+ day, 48+ min ago (592+ words) The National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance Limited, bringing to an end the operations of one of Nigeria’s oldest and historically significant insurance companies. The regulatory action followed the company’s failure to satisfy prescribed…...
Cameroon Warns 20 Insurance Brokers Over Regulatory Breaches
5+ day, 16+ hour ago (267+ words) Cameroon’s Finance Ministry has formally warned 20 insurance brokerage firms and their executives over regulatory breaches, less than three months after authorities withdrew the licenses of 31 other brokers as part of tighter oversight of the industry. Finance Minister Louis Paul Motazé…...
Nigeria’s Largest Insurance Coy, NICON, Loses Licence, Taken Over By Receiver Manager
6+ day, 7+ hour ago (526+ words) Nigeria’s largest insurance firm, National Insurance Corporation of Nigeria, NICON, has finally lost its operational licence and has been taken over by a Receiver Manager. The operational licence of NICON – owned by the Federal Government and established in 1969 by Decree…...