National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation over its failure to meet the statutory Minimum Capital Requirement (MCR).

It has appointed Dr. Muiz Banire (SAN), as receiver/provisional liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the corporation’s certificate of registration by the insurance regulator.

In a notice dated August 4, Banire said he was appointed by NAICOM, in the exercise of its statutory powers, to take charge of the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

According to the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

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Banire said his appointment empowers him to immediately trace, recover, secure and take possession of all assets belonging to the company; collate and settle its liabilities in accordance with the NIIRA 2025; liaise with NAICOM on matters relating to the liquidation; and submit periodic reports to the Commission.

He directed banks, financial institutions, insurance policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

As part of the liquidation process, Banire said all bank accounts belonging to Nigeria Reinsurance Corporation had been frozen with immediate effect, pending further directives from his office.

He warned that any transaction carried out without his authorisation would be at the risk of the parties involved.

“Members of the general public, banks and financial institutions in Nigeria are hereby informed that no financial transactions should be conducted pursuant to any instruction from anyone except those that I issue as the Receiver/Provisional Liquidator,” the notice stated.

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According to him, only instructions bearing his official seal and stamp as a legal practitioner, or those issued by persons duly authorised by him, will be recognised throughout the liquidation process.

The regulatory action marks a significant enforcement measure by NAICOM and underscores the Commission’s resolve to ensure that insurance and reinsurance companies operating in Nigeria comply with statutory capital requirements designed to safeguard policyholders and strengthen the financial stability of the industry.

The liquidation process is expected to involve the recovery and realisation of the company’s assets, the verification and settlement of valid claims and liabilities, and the orderly winding up of its affairs in accordance with the provisions of the law.

The notice reminds policyholders, creditors, banks and other stakeholders that all dealings concerning Nigeria Reinsurance Corporation must henceforth be channelled through the Receiver/Provisional Liquidator until the liquidation process is concluded.

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Access Holdings Plc has published its Sustainability Report for the year ended 31 December 2025 on the Nigerian Exchange Limited, demonstrating how the Group is translating sustainability commitments into measurable business, environmental and social outcomes.

The report shows a green asset portfolio of ₦92.14 billion, a 28.47 per cent reduction in operational greenhouse gas emissions against its 2022 baseline and expanded access to finance for about 2.53 million low-income individuals.

The report reinforces the Group’s strategic shift from scale to value by showing how sustainability is being embedded in capital allocation, risk management, product development and operations.

Access Bank Plc, the Group’s largest subsidiary, accounts for a significant portion of the reported outcomes.

The green asset portfolio has grown from ₦22 billion in 2021 and ₦72.32 billion in 2024 to ₦92.14 billion at year-end 2025, advancing towards the Group’s long-term target of ₦475 billion. During the year, Access Holdings deployed ₦72.3 billion under its Sustainable Finance Framework to eligible environmentally beneficial projects and grew its cumulative sustainability-focused loan book to US$1.269 billion.

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The emissions reduction reported in 2025 reflects operational changes designed to lower the environmental footprint of the Group’s activities. Operational emissions fell to 49,352 tonnes of carbon dioxide equivalent from 57,176 tonnes in 2024, supported primarily by branch solarisation across 263 locations and the deployment of 323 solar-powered ATMs, largely across Access Bank in Nigeria. The Group applies the operational-control approach under the Greenhouse Gas Protocol, accounting for emissions across its African footprint, with Access Bank representing the largest share.

Beyond environmental outcomes, the report highlights the Group’s contribution to inclusive economic participation. In 2025, Access Holdings extended access to finance to 2,528,117 low-income individuals and onboarded 78,438 new MSMEs onto its financing platform.

Across the Group, 2.8 billion transactions were processed during the year, underscoring the institution’s role as core financial infrastructure for Africa’s real economy. Gender-lens lending also progressed, with 354,156 loans extended to women and women-owned businesses, totalling ₦67.4 billion, equivalent to 24 per cent of the relevant loan portfolio.

The Group’s Corporate Social Investment programmes reached 2,439,480 beneficiaries across education, health, entrepreneurship and the environment, delivered with partners including UNICEF, HACEY Health Initiative and the Kenya Forest Service. Employees recorded 359,500 volunteer hours with 100 per cent participation, while more than 50,000 trees were planted.

The Group notes that 2025 community figures follow a Board-mandated tightening of its impact-measurement methodology and are not directly comparable with prior years. Women represent 49 per cent of the workforce, and the Access Holdings Board comprised nine directors with 44.4 per cent female representation. Employee satisfaction rose to 87 per cent against an 80 per cent target, while attrition eased from about 13 per cent to about 11 per cent.

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To strengthen credibility and comparability, the report was prepared using the IFRS Sustainability Disclosure Standards, specifically IFRS S1 and IFRS S2, as the primary framework, with the GRI Standards (2021) and the SASB Standards applied as complementary references. Selected disclosures were independently assured by CSR-in-Action Consulting Limited under ISAE 3000 (Revised) on a hybrid reasonable and limited assurance basis.

Sustainability governance is integrated into senior oversight and credit decision-making. The Board Human Resources and Sustainability Committee oversees the agenda, supported by the Board Risk Management Committee. Climate and ESG risk is reflected in capital planning through the ICAAP, while an ESG Toolkit is embedded in the credit-approval system, enabling facilities to be screened against IFC Performance Standards and the Equator Principles.

The Group also reported zero material regulatory penalties relating to sustainability for a second consecutive year and zero cybersecurity breaches.

Access Holdings mobilised US$185.38 million, equivalent to ₦266.83 billion, in concessional funding from development finance institutions during the year and allocated a sustainability budget of ₦4.8 billion from profit before tax.

Sales-facing staff in the banking subsidiary carry green-portfolio targets within their individual performance measures, linking strategic sustainability goals to day-to-day execution across governance, strategy, risk management, capital allocation, products and operations.

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Commenting on the report, Innocent C. Ike, Group Chief Executive Officer, Access Holdings Plc, said: “Our 2025 Sustainability Report reflects the discipline with which we are converting scale into value. We reduced operational emissions by 28.47 per cent, grew our green asset portfolio to ₦92.14 billion and extended financial access to about 2.5 million low-income individuals.

These outcomes show that sustainability is not separate from our business; it is central to how we create value, manage risk and support inclusive growth across Africa.”

Looking ahead, the Group will focus on deepening the measurable impact of its sustainability agenda, accelerating the transition of its portfolio towards low-carbon and climate-resilient assets, growing the green asset portfolio towards the ₦475 billion target.

It will also improve data quality for financed and Scope 3 emissions through adoption of the PCAF methodology, scaling renewable-energy adoption, deepening development finance partnerships, and further integrating climate risk into financial planning.

Consistent with its mission to be the most respected African financial services group, Access Holdings frames these commitments as a disciplined, evidence-based approach to building long-term value for customers, communities, shareholders and the wider African economy.

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TeamApt Limited, a payment infrastructure company, has partnered with digital pension agent platform Awabah to power Pension Direct, a micro-pension solution for self-employed and informal-sector workers. The partnership was announced at the launch of Pension Direct in Lagos.

For over a decade, TeamApt has powered core banking and payments infrastructure for a wide range of financial institutions across Nigeria, including Moniepoint MFB. Through this partnership, TeamApt’s Direct Debit infrastructure enables Pension Direct to automate recurring pension contributions on the web and at point of sale devices, making it easier for workers outside the formal employment sector to save consistently for retirement.

With Pension Direct, users can enrol in a personal pension in a few clicks at a POS terminal, tokenise their card, and set up automatic, recurring contributions. TeamApt’s Direct Debit service securely processes these recurring payments in the background, transforming the everyday agent locations Nigerians already visit into pension enrolment and payment points. This significantly reduces the friction that has long kept retirement savings out of reach for workers outside the formal payroll system.

Moniepoint MFB was announced as the first distribution network to offer Pension Direct through its POS terminals, leveraging one of Nigeria’s largest agent networks, which spans all 774 local government areas. Over time, TeamApt and Awabah plan to expand the solution to additional distribution networks, broadening access to micro-pensions for millions of underserved workers across the country.

“Financial inclusion isn’t only about giving people access to payments; it’s about giving them access to the financial tools that help them build long-term security,” said Dennis Ajalie, Managing Director/CEO, TeamApt. “For millions of Nigerians in the informal economy, contributing consistently to a pension has often been difficult because the underlying infrastructure wasn’t built for the way they earn and spend, unlike formal sector workers whose pension savings are made almost automatic through payroll deductions.”

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He added: “We created our Direct Debit service to address exactly this, because we know long-term contributions need card tokenisation and recurring mandates that hold up over years. By combining this infrastructure with Awabah’s pension expertise, we are making long-term savings just as seamless for artisans, traders and other self-employed Nigerians.”

Building on more than a decade of powering payment and banking infrastructure for financial institutions across Nigeria, TeamApt intends to expand the availability of its Direct Debit service to more partners and sectors.

Beyond pensions, the infrastructure is designed to support recurring payments for a wide range of use cases, including insurance, investments, and other long-term financial services, helping more businesses deliver seamless payment experiences while expanding access to essential financial products.