The National Insurance Commission (NAICOM) has revoked the operational licenses of embattled Niger Insurance Plc and Standard Alliance Insurance Plc.
The two insurance companies have been known to owe huge unpaid claims to their policyholders. The duo had been expelled from the Nigerian Insurance Association(NIA) for failure to meet claims obligations to policyholders.
NAICOM disclosed the license cancellation in a statement signed by the Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami, for the Commissioner for Insurance, NAICOM, titled ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc’.
The statement read, “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.
“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.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
