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Nigeria’s insurance industry regulator revokes licences of Niger Insurance, Standard Alliance, appoints liquidators

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The National Insurance Commission (NAICOM) on Tuesday revoked the operating licenses of Niger Insurance Plc and the Standard Alliance Insurance after shareholders’ inabilities to recapitalize the companies.

Consequently, the insurance industry regulator has also appointed liquidators to wind up the operations of the companies.

The companies have slipped into distress while all efforts by the regulators to revamp their operations have proved futile.

In a statement by the commission head of Corporate Communications and Market Development, Rasaaq Salami said NAICOM has cancelled the certificates of registration of the two firms.

“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,” the commission said in the statement.

Salami also announced that Sanya, Ogunkuade 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.

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Kehinde Aina of Aina Blankson LP, 5/7, Ademola Street,  SW Ikoyi, Lagos was also announced 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.

Niger Insurance Plc was established in August 1962 as a specialist Life Company under the name Yorkshire Insurance Company.

The company, which was listed on the Nigerian Exchange Limited as a composite Insurance Company, operated with an asset base in excess of N21 billion and a fully paid-up share capital of N3, 868,307,000, according to a statement on its website.

Last year, the Nigerian Insurers Association (NIA) expelled Standard Alliance Insurance from its membership.

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