Following the failure of several palliatives to strengthen both Niger Insurance Plc and the Standard Alliance Insurance, the National Insurance Commission (NAICOM) has revoked their licenses, weeding them off the market.
The insurance regulator has also appointed two liquidators to prepare their rites of passage.
According to InsideBusiness, the two have been ailing for sometimes and several efforts to heal and resuscitate them have proved abortive.
Nasdaq ‘Salami Head, Corporate Communications and Market Development
NAICOM notified insurance stakeholders and members of the public of the commission’s action
“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 with effect from the 21st day of June 2022”
Salami also announced that 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.
He advised all stakeholders 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.