Niger Insurance Plc (NGX: NIGERINS) has written to the Nigerian Exchange Limited regarding NAICOM’s suspension of it’s license, stating in part that due to measures taken by its Board and Management, the Company’s license has remained operational.
In June 2022, Investogist reported that the National Insurance Commission (NAICOM) had revoked the operation license of the embattled Niger Insurance Plc, alongside that of Standard Alliance Insurance Plc.
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Following the cancellation of Niger Insurance Plc license RIC-029, which took effect from the 21st day of June 2022, NAICOM 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.
In a statement dated 21st of October, 2022, Niger Insurance stated that Board and Management of the Company upon receipt of the revocation by NAICOM, immediately noted that the action had been done without due process by NAICOM.
It went further to state that the Company has since then taken proper actions in a bid to resolve the error.
Part of the statement read;
The Company has commenced a lawsuit against NAICOM in the Federal High Court to determine if NAICOM had not erred in the outright cancellation of the Company’s license and the appointment of a liquidator. The matter was adjourned to October 17, 2022 and whilst hearing has commenced the matter has been adjourned to a further date in December 2022 for continuation.
The Company had initially also obtained an Order of Interim Injunction from the Court dated July 1, 2022 which has further instructed that Parties to the Suit maintain status quo until the hearing of the Suit. These actions have ensured that the Company’s license remains operational pending the outcome from the Court.
The Company had, in a bid to sensitise the public and its stakeholders of its continuity in the insurance business and intimate them of the current happenings, placed an advertorial in the Punch Newspaper on September 12, 2022.
The company urged its “various stakeholders ranging from shareholders, customers, and general public to continue to transact their business” with them in the usual manner as they were certain that the issues surrounding the withdrawal would be resolved very soon.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
