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NAICOM Deregisters Niger, Standard Alliance

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NAICOM Niger INsurance

The National Insurance Commission (NAICOM), has cancelled certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc,  RIC – 029 with effect from June 21.

This is contained in a statement issued by Mr Rasaaq Salami, Head, Corporate Communications and Market Development of NAICOM in Abuja on Tuesday.

Salami said the Commission had appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, Utako, Abuja as the liquidator for Niger Insurance Plc.

According to him, the Commission has also appointed Kehinde Aina, Esq, of Aina Blankson LP, 5/7, Ademola Street, Ikoyi, Lagos as the 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.

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

GreenWhiteGreen GWG reports that NAICOM was mute on the explicit reason for the decision to deregister the two companies may be the response of the industry regulator to check lapses in the industry. However, the two insurance firms targeted by NAICOM, Niger INsurance and Standard Alliance have had a long history of market penetration in the country’s highly competitive insurance market. (NAN)

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