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NAICOM Cancels Operational Licenses of Standard Insurance, Niger Insurance

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NAICOM Cancels Operational Licenses of Standard Insurance, Niger Insurance

The National Insurance Commission has cancelled the operational licenses of Niger Insurance Plc.

The move by the regulator of the Nigerian insurance sector also saw the cancellation of Certificates of Registration of Standard Alliance Insurance Plc.

This was announced via a statement by the Head, Corporate Communications and Market Development, ‘Rasaaq ‘Salami, for the Commissioner for Insurance, NAICOM.

The statement titled ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc,’ read;

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“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.”

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