…..As Industry Regulator, NAICOM, Wields Big Stick
The Insurance industry regulator, NAICOM, has announced that it has cancelled the Certificate of Registration of two operators in the sector whose fortunes had been tottering for sometime.
In a statement signed by the Commission’s Head of Corporate Communications and Market Development, Rasaaq Salami, on behalf of the Commissioner for Insurance, Mr. Sunday Thomas, it said, “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.”
“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 prevalent feeling among stakeholders and watchers is that the decision has been long in coming.
“The Commission assures all stakeholders of the safety and protection of their interests.