NAICOM revokes licences of Standard Alliance, Niger Insurance

Nigeria’s National Insurance Commission (NAICOM) on Tuesday announced the withdrawal of the operational licences issued to Standard Alliance Insurance Plc and Niger Insurance Plc.

The regulator also announced the appointment of Sanya Ogunkuade and Aina Blankson as the receiver/liquidator for Niger Insurance Plc and Standard Alliance Insurance Plc respectively.

Citing Operational Misconduct as the official reason given for the revocation of the insurance firms’ operating licences, NAICOM by law can revoke the certificate of registration of an insurer if it is insolvent, about to suspend payment of claims to any extent, or unable to meet its obligations.

In a statement by NAICOM’s spokesperson, Rasaaq Salami, the commission said the revocation of the certificate took effect from June 21, 2022.

“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.”