NAICOM Disowns Niger Insurance Publication, Warns Public Against Dealing With Purported Management

By LOVETH-AZODO CHIJIOKE 

The National Insurance Commission (NAICOM) has dismissed a publication issued by individuals claiming to be the management of Niger Insurance Plc, describing the statement as false, misleading and capable of creating confusion among policyholders and other stakeholders.

In a public notice issued on Thursday, the insurance regulator maintained that the operating licence of Niger Insurance Plc remains revoked and insisted that the company is still under receivership, with its affairs being managed solely by the Receiver/Liquidator appointed by the Commission.

NAICOM said it was compelled to clarify the situation following newspaper publications circulated on July 15, 2026, by persons it described as the purported management of the company.

The Commission recalled that it revoked the insurer’s licence in 2022 after determining that the company had become insolvent and was unable to meet verified insurance claims, adding that the action was taken in line with its statutory responsibility to protect policyholders. It subsequently appointed Otunba Sanya Ogunkuade as Receiver/Liquidator to oversee the company’s affairs.

According to the regulator, attempts by some former directors to challenge the licence revocation and the appointment of the Receiver/Liquidator have so far failed at both the Federal High Court and the Court of Appeal, although a further appeal remains pending before the Supreme Court.

NAICOM, however, acknowledged that another judgment delivered by the Federal High Court on June 5, 2026, has also become the subject of appellate proceedings. It disclosed that both the Commission and the Receiver/Liquidator have appealed the decision and filed applications seeking a stay of execution pending the determination of the appeal.

The Commission argued that the judgment being relied upon in the recent publications cannot supersede earlier appellate decisions which affirmed the cancellation of the company’s licence, stressing that the legal issues remain before the courts.

It further disclosed that some individuals listed as plaintiffs in the suit leading to the June 2026 judgment had formally written to the Commission, distancing themselves from the action and alleging that their names were used without their knowledge or consent.

NAICOM also revealed that it had petitioned the Inspector-General of Police over what it described as unlawful activities by individuals allegedly presenting themselves as the management of the company.

According to the Commission, the petition seeks to prevent interference with the company’s assets, which it said are being preserved for the settlement of verified insurance claims and other liabilities.

The regulator reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business, while the Receiver/Liquidator continues to administer the company’s assets and liabilities pending the completion of the liquidation process.

Reaffirming its position, NAICOM advised policyholders, stakeholders of the Company and members of the general public to disregard any person or group claiming to represent Niger Insurance Plc outside the Receiver/Liquidator officially appointed by the Commission.

It maintained that the company’s former board and management remain dissolved, while all matters relating to the administration of the company’s assets and liabilities should be directed to the Receiver/Liquidator.