The National Insurance Commission (NAICOM) has cancelled the Certificates of Registration of Standard Alliance Insurance Plc and Niger Insurance Plc. This announcement was contained in a statement issued by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami.
The statement reads, “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 of Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator of 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”.
Both of the affected companies have been facing challenges trying to pay policyholders’ claims, staff salaries, among others and NAICOM issued a 30 days shut-down notice to both companies in March 2022.
The Nigeria Insurance Association (NIA) also suspended the two firms in June 2021 due to their defaults on obligations to policyholders.
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