The National Insurance Commission (NAICOM), which oversees the insurance sector, has been sued by Standard Alliance Insurance Plc in Lagos’ Federal High Court over the revocation of its operating licence.
The firm requested the revocation of NAICOM’s ruling in a summons issued by Omotayo Olatunbosun of Kunle Adegoke & Co of 1 Abiodun Famodimu Close, GRA Ikeja, Lagos, on August 20, 2022.
It requested that the court issue a declaration stating that the alleged notification of Standard Alliance Plc’s registration cancellation issued by the first defendant on June 21, 2022, is void from the start.
“A declaration that all the actions of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc is a nullity and, therefore void
The documents state that Standard Alliance informed NAICOM of investors who were prepared to stabilise the company’s capital by contributing stock of $8 million, or around N4.5 billion.
The company added that it had requested intervention from the Minister of Finance, Budget, and Planning but had not yet received a response before the operation licence was revoked.
Bizwatch recalls that NACOM revoked the certificates of registration for Standard Alliance Insurance Plc. and Niger Insurance Plc. in June.
It said in a statement that, “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission 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.”
NAICOM was however yet to react to the new development as of the time of filling this report.
