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News
NAICOM, NCAA Sign MoU to Tighten Aviation Insurance Oversight
3+ day, 1+ 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…...
ASIC confirms investigation into collapsed Sphere Insurance Group
2+ day, 22+ hour ago (374+ words) "ASIC can confirm that it has commenced an investigation and has engaged with the liquidator in connection with that investigation," an ASIC spokesperson told Insurance Business. Read next: ASIC issues warning to AFS licensees ASIC declined to say whether it…...
Nigeria targets 10% insurance penetration by 2031 as ISSP launches five-year plan
3+ day, 17+ 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…...
NICON Rejects NAICOM Licence Revocation, Insists It Remains A Going Concern As Legal Battle Looms
4+ day, 23+ 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, 4+ hour ago (18+ words) Ondo Events...
Nigeria’s biggest insurance firm, NICON, loses licence – What it means for policyholders, creditors, other stakeholders
5+ day, 2+ 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
5+ day, 11+ hour 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, 3+ 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
5+ day, 18+ 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…...
NICON Insurance Ltd: Abuja High Court to hear petition for winding up (In-Liquidation) Sept 21 — National Accord Newspaper %
5+ day, 15+ hour ago (487+ words) Federal High Court Abuja The Federal High Court Abuja has fixed September 21, 2026 for the hearing of a Petition for winding-Up of NICON Insurance Limited. The petition was filed by the Receiver/Liquidator of NICON Insurance limited ( in – liquidation) Chukwuma -Machukwu…...