NAICOM liquidates Niger Insurance, Standard Alliance over poor performance  –

NAICOM launch portal to improve supervisory, regulatory roles, others

From Uche Usim, Abuja 

The National Insurance Commission (NAICOM), on Tuesday, announced the cancellation of the certificates of registration of Standard Alliance Insurance Plc, RIC-091 and Niger Insurance Plc,  RIC-029 with effect from June 21, 2022 over sustained weak operational performance. 

As a fallout of that, 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; in a move showing they have been liquidated. 

These were contained in a statement signed by Rasaaq Salami, NAICOM’s Head, Corporate Communications and Market Development on behalf of the Commissioner for Insurance, Mr Sunday Thomas. The statement advised all stakeholders to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action; even as it assured all stakeholders of the safety and  protection of their interests.

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NAICOM recently issued a 30 days notice to the board of Standard Alliance Insurance Plc and Niger Insurance Plc disclosing its intention to cancel their certificate of registration.

The notice issued to both firms on the 29th and 30th of March respectively sprang from delivering unimpressive financial reports, albeit repeatedly.

Niger Insurance reported a loss of N2.7 billion in the year 2021 with a gross premium written at N515 million and a Gross premium Income of N459 million.

The company’s share once traded at N0.2, while the market capitalization trades stood at N1.5 billion.

Earlier, the Nigerian Insurers Association (NIA) expelled Industrial and General Insurance Company Limited (IGI), Niger Insurance Plc and Standard Alliance Insurance Plc, for failing to deliver claims to policyholders as expected last year.

However, Niger Insurance, in reaction to the notice, said, “Specifically, the letter grants the Company a 30 day period from the date of the receipt, to appeal the intention and show cause to NAICOM, the Minister of Finance, Budget, and National Planning, why the certificate should not be withdrawn.

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