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NAICOM revokes licences of two insurance firms, appoints receivers, liquidators

By Anthony Otaru (Abuja) and Bankole Orimisan (Lagos)
29 June 2022   |   3:35 am
The National Insurance Commission (NAICOM), yesterday, revoked certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc, effective from June 21 for unethical conduct.

NAICOM

The National Insurance Commission (NAICOM), yesterday, revoked certificates of registration of Niger Insurance Plc and Standard Alliance Insurance Plc, effective from June 21 for unethical conduct.

The decision, which was contained in a statement signed by the commission’s Head, Corporate Communications and Market Development, Rasaq Salami, automatically means that both companies can no longer provide insurance policies and covers to the public.

As a result, NAICOM named Sanya, Ogunkuade Esq as receiver/liquidator for Niger Insurance Plc, while Kehinde Aina Esq emerged as receiver/liquidator for Standard Alliance Insurance.

The statement reads: “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, third floor (left wing), Shettima Munguno Crescent, behind Julius Berger Equipment Yard, Utako, Abuja as receiver/liquidator for Niger Insurance Plc and Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as receiver/liquidator for Standard Alliance Insurance Plc.

“All stakeholders are advised to forward their enquiries to the respective receivers/liquidators for each company for their necessary action.”

NAICOM assured stakeholders of the safety of their interests.

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