business
Nigeria’s biggest insurance firm, NICON loses license, taken over by receiver manager
Summary by The Lagos Editorial Desk Kayode Lawal , as published by Daily Post Nigeria
· September 7, 2026
· 1 min read
Photo: Daily Post Nigeria · view original
Story provenance No corrections
Summary created by The Lagos Editorial Desk — automated, rule-governed Byline on source page Kayode Lawal, as published by Daily Post Nigeria Original story Read at the source Source published Sep 7, 2026 Indexed here Sep 7, 2026 AI assistance Automated summary drawn from the source’s own published text Prepublication human review No — editorial rules, flagged-item review, and published samples
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Key points NICON, established in 1969, is owned by the Federal Government. The company's operational licence, marked RIC - 049, has been cancelled.
National Insurance Corporation of Nigeria, NICON, has lost its operational licence. The licence was revoked by the National Insurance Commission, NAICOM, due to NICON's failure to meet regulatory requirements. NICON, established in 1969, is owned by the Federal Government.
The company's operational licence, marked RIC - 049, has been cancelled. A Receiver Manager has been appointed to take over the company. Chukwuma-Machukwu Ume, a Senior Advocate of Nigeria, will serve as the Receiver and Provisional Liquidator.
Further details on the revocation and takeover are available from the source. The move aims to safeguard NICON's properties.
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Category: business Published: September 7, 2026 Source: Daily Post Nigeria Reading time: 1 min
Frequently asked about this story
What is this story about? National Insurance Corporation of Nigeria, NICON, has lost its operational licence. The licence was revoked by the National Insurance Commission, NAICOM, due to NICON's failure to meet regulatory…
When was this published? This article was first published on September 7, 2026 by Daily Post Nigeria and curated for The Lagos readers.
Who reported this story? This story was reported by Kayode Lawal at Daily Post Nigeria. To learn more about how The Lagos selects and reviews stories, see our editorial standards .
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