NAICOM appoints liquidators for Standard Alliance Insurance and Niger Insurance

Following an earlier notice and the dire financial condition of Standard Alliance Insurance Plc and Niger Insurance Plc, the National Insurance Commission (NAICOM) on Tuesday announced the cancellation of their certificates of registration and appointment of liquidators.

A statement issued by Mr. Rasaaq Salami, Head, Corporate Communications and Market Development of NAICOM in Abuja, said the withdrawal of the certificates took effect from June 21.

Part of the statement read: “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 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.”

Salami assured all stakeholders of the Commission’s readiness to ensure their safety and the protection of their investments.

The industry regulator had issued 30 days’ notice to both companies to close shop over their inability to settle pending claims with the notices received at the companies on 29th and 30th March, 2022.

Similarly, the Nigeria Insurance Association (NIA), the umbrella body of insurance firms in the country, had suspended the two firms from its membership in June last year, according to Premium Times