By Sola Alabadan
The National Insurance Commission (NAICOM) has cancelled the certificates of registration of Niger Insurance Plc (RIC -029) and Standard Alliance Insurance Plc (RIC -091) with effect from June 21, 2022.
Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami, signed the statement on behalf of the Commissioner For Insurance, Olorundare Thomas, issued to notify 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/ Liquidator 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 31st March 2022.
Specifically, the letter granted the insurance firms a 30 day period from the date of the receipt, to appeal the intention and show cause to NAICOM, the Minister of Finance, Budget, and National Planning, why the certificate should not be withdrawn.
Both companies have struggled to pay policyholders’ claims, staff salaries and exited staff gratuities.
Recalled that the Nigerian Insurers Association (NIA) had also expelled both Niger Insurance Plc and Standard Alliance Insurance Plc, for failing to pay genuine claims to the policyholders as required last year.
