NAICOM appoints liquidators for Niger Insurance, Standard Alliance Insurance

Insurance industry’s supervisory authority the National Insurance Insurance Commission (NAICOM) has brought down the sledge hammer on two insurance companies with the revocation of their operating license.

The two affected companies are Niger Insurance Plc and Standard Alliance Insurance Plc.
Consequent upon the cancellation of their operating license, NAICOM appointed liquidators to handle the winding down of their operations. NAICOM did not give reasons for the cancellation of the licenses of the companies. The Mr Sunday Thomas led NAICOM has assured stakeholders of the protection of their interests.

A statement issued by the deputy director in charge of corporate communication and market development Mr Salami Rasaaq reads in part “this is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has CANCELLED the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.

“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/Liquidator for Standard Alliance Insurance Plc.

“All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.

“The Commission assures all stakeholders of the safety and protection of their interests”.

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