NAICOM Withdraws Niger Insurance, Standard Alliance Insurance Operating Licenses

The National Insurance Commission, has revoked the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc.

The withdrawal of the certificates is conveyed in statement signed Tuesday by the Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami.

The cancellation of the certificates of registration from the Insurance firm means they cannot operate within the space of providing insurance cover to the general public.

Consequently, the Commission said that it has appointed Sanya, Ogunkuade Esq as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq as the Receiver/Liquidator for Standard Alliance Insurance Plc.

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, 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 reason for the cancellations is yet to be stated but this might not be unconnected to infringements by the firm’s to the operational guidelines as stipulated by the regulator.

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