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.

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 Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) due to their failure to meet the necessary conditions for operating as licensed financial institutions. This decision reflects the CBN's regulatory oversight in the financial sector.

Nigerian President Bola Tinubu has enacted the National Identity Management Commission (NIMC) Act 2026, which repeals the previous 2007 legislation. This new law establishes the NIMC as a Digital Trust Authority, aiming to enhance the management of national identity in Nigeria.

The Federal High Court in Lokoja has reversed its previous order to the Independent National Electoral Commission (INEC) regarding the registration of the National Democratic Congress (NDC). This judgment is anticipated to reignite controversies from the 2023 elections involving figures such as Tinubu and Shettima, as the implications of the ruling unfold ahead of the 2027 elections, according to Vanguard.

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.