NIGER Insurance, Standard Alliance Lose Battle To Financial Crisis As NAICOM Cancells Certificate Of Registration

By LOVETH AZODO, Lagos

The National Insurance Commission has announced that the commission has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029

In a statement signed by its Head, Corporate Communications and Market Development, Mr. Rasaaq ‘Salami, it showed that the cancellation of Standard Alliance Insurance Plc and Niger Insurance Plc with RIC – 091 and RIC – 029 registration numbers respectively took effect from the 21st day of June, 2022.

It would be recalled that both underwriters have been struggling to remain in business after being hit with high-level insolvency and liquidity crises.

Both companies have struggled to pay policyholders’ claims, staff salaries and exited staff gratuities with many of the affected clients facing frustrations, particularly with life policies.

They have written petitions to NAICOM, NIA or went to court, but unfortunately, all efforts to rescue the companies through new investors proved abortive

The Statement read, 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

“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.” It stated.