NAICOM revokes licences of Niger Insurance, Standard Alliance

Following their inability to play by the rules, pay claims and meet other obligations to policyholders, the National Insurance Commission (NAICOM), yesterday cancelled the certificates of registration of Niger Insurance Plc (RIC -029) and Standard Alliance Insurance Plc (RIC -091) with effect from June 21, 2022.


A statement signed by the Head, Corporate Communications and Market Development, NAICOM, Mr. ‘Rasaaq ‘Salami, on behalf of the Commissioner For Insurance, Olorundare Thomas, notified all insurance stakeholders and members of the public of this development.


Consequently, the Commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/ Liquida-tor for Standard Alliance Insurance Plc.


“The commission, therefore, advised all stakeholders to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action. NAICOM also assured all stakeholders of the safety and protection of their interests.


The insurance regulator had earlier notified the board of two insurance companies of its intention to cancel their certificate of registration on March 31, 2022,” the statement noted.




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