Business & Economy - News - June 28, 2022

NAICOM revokes Niger, Standard Alliance Insurance licenses, appoints liquidators

By Bassey Udo

The National Insurance Commission (NAICOM) ON Tuesday announced the immediate revocation of the operational licenses of Standard Alliance Insurance Plc, and Niger Insurance Plc,

The insurance sector regulatory authority in a statement by its spokesperson, ‘Rasaaq ‘Salami, said the certificates of registration of the two insurance companies, numbers RIC 091 and RIC 029 respectively were revoked with effect from June 21, 2022.

“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,” Salami said in a statement.

Salami said consequent upon the revocation, 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, while Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.

He said all stakeholders were 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,” Salami said.

Following the failure of various types of palliatives to strengthen both Niger Insurance Plc and the Standard Alliance Insurance, Salami said NAICOM decided to revoke their operational licenses, to bar them from the insurance market.

The two appointed liquidators were asked to prepare the rites of passage for the two companies’ which have been ailing for some times despite several efforts to heal and resuscitate them.

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