NAICOM moves to shut insurance firms over claims failures

Emma Ujah Abuja Bureau Chief 

The National Insurance Commission, (NAICOM) has cancelled the operational lcences of Niger Insurance and Standars Alliance Insurance PLC.

This was contained in a statement issued, in Abuja, yesterday, by Mr.  Rasaaq ‘Salami, Head, Corporate Communications and Market Development of the commission. 

NAICOM also appointed a  Receiver/Liquidator for each of the affected insurance companies.

The short  statement reads in full, “This is to notify all insurance stakeholders and members of the public that 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.

“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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