Nigeria’s Insurance Commission withdraws licences of two firms
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.
The Commission in a public notice signed by the Head, Corporate Communications and Market Development Mr. Rasak Salami said:
“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.
It added: “The Commission assures all stakeholders of the safety and protection of their interests”
NAICOM had written to Niger Insurance on March 31, 2022, giving the company 30 days period to convince the Commission and the Ministry of Finance that it could resolve its operational challenges.
The management of Niger Insurance had failed to stop the firm’s loses in 2021, as it rose from the N2.09bn loss recorded during COVID-19 year (2020), to N2.63bn loss last year.
It’s gross premium written for 2021 also dwindled by half to N515.8m, significantly below the N1.03bn reported during the corresponding period of 2020.