The National Insurance Commission (NAICOM) has commenced the formal winding-up of NICON Insurance Limited, according to a report by Punch. The regulator has appointed a Receiver/Provisional Liquidator to oversee the process, which involves managing the company's assets and liabilities. The move marks a significant regulatory action against one of Nigeria's legacy insurance firms, though further details on the reasons for the wind-up were not provided in the report.

Nigeria's National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance, triggering winding-up proceedings against the company. According to Legit.ng, the Federal High Court has fixed September 21 for a hearing in the matter. The revocation marks a significant regulatory action against one of the country's notable insurance firms, with further details expected to emerge as the court process unfolds.

The National Insurance Commission (NAICOM) has urged the Nigerian Insurers Association (NIA) to take the lead in rebuilding public trust in the insurance sector as it undergoes significant transformation. This statement was made by the Commissioner for Insurance at NAICOM, Mr. Olusegun Ayo Omosehin, during a celebration for Mrs. Ebelechukwu B. Nwachukwu, who is recognized as the 27th and first female in her position.

The Federal High Court in Abuja has fixed September 21 to hear a petition seeking to wind up NICON Insurance Limited following the cancellation of its operating licence. According to Vanguard, Justice Chigozie Onah ordered that the company's assets, properties, investments, bank accounts, books, records, documents and other proprietary materials be preserved ahead of the hearing. The case marks a significant step in the regulatory fallout from the insurer losing its licence in Nigeria.

Nigeria's Commissioner for Insurance, Olusegun Omosehin, has warned insurance companies to strictly adhere to prudential standards and ethical conduct following the conclusion of the industry's recapitalisation exercise. According to Vanguard, Omosehin issued the warning on Thursday at the launch of the Insurance Sector Strengthening Programme (ISSP) in Abuja, an initiative aimed at reinforcing the country's insurance sector.

The High Court has halted the liquidation of the Kenya Union of Savings and Credit Co-operatives (KUSCCO) following a legal challenge. The case was filed by RUPSA NWDT Sacco Society Limited, which said it lost Sh108.8 million after the union's collapse. According to Capital FM Business, the court's decision comes amid opposition to the liquidation process, temporarily stopping proceedings while the dispute is considered.