The National Insurance Commission (NAICOM) has revoked the certificates of registration of 2 insurance firms; Niger Insurance Plc and Standard Alliance Insurance Plc.
This was announced via a statement by Rasaaq Salami, NAICOM’s head of corporate communications and market development on Tuesday.
The cancellation of the companies’ certificates of registration took effect from June 21, 2022.
The two insurance firms have allegedly been struggling to pay policyholders’ claims, staff salaries, and carry out their other obligations.
BizWatch Nigeria reports that the insurance regulator had, in March, issued a 30-day notice to the board of Standard Alliance Insurance Plc and Niger Insurance Plc, disclosing its intention to cancel their certificates of registration.
Last year, the Nigerian Insurers Association (NIA), the umbrella body of insurance companies in the country, had also suspended the two firms from its membership.
“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,” the statement reads.
“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.”
