NAICOM reaffirms Niger Insurance licence revocation

…Warns public against dealings with the insurance firm

The National Insurance Commission (NAICOM) has reaffirmed that the operating licence of Niger Insurance Plc remains revoked, insisting that the insurer is still in receivership and legally barred from transacting any insurance business in Nigeria.

The commission also warned policyholders, creditors and the general public against dealing with any individual or group purporting to represent the company, describing recent newspaper publications by a purported management of Niger Insurance as false and misleading, insisting that only the Receiver/Liquidator appointed by NAICOM has the legal authority to manage the insurer’s affairs and assets pending the completion of its liquidation process.

In a public notice issued in Abuja, on Friday and obtained by The Daily Times Newspaper, the insurance regulator described publications by persons claiming to be the company’s management as “false, mischievous and grossly misleading,” stressing that the operating licence of Niger Insurance was validly revoked in 2022 because of insolvency and its inability to settle verified insurance claims.

NAICOM said the commission, as the statutory regulator of Nigeria’s insurance industry, exercised its legal powers to cancel the company’s licence and appointed Otunba Sanya Ogunkuade as Receiver/Liquidator to recover the firm’s assets and settle outstanding liabilities.

The commission explained that attempts by former directors to challenge the licence revocation have largely failed in court.

According to NAICOM, the Federal High Court struck out the initial suit filed by the former directors on January 31, 2023, ruling that they lacked the legal authority to institute the action after the appointment of the Receiver/Liquidator, whose appointment had already been registered by the Corporate Affairs Commission (CAC).

It added that the Court of Appeal also dismissed the appeal against that judgment on February 27, 2025, while a further appeal remains pending before the Supreme Court.

NAICOM acknowledged that another Federal High Court judgment delivered on June 5, 2026, by Justice J. K. Omotosho is being relied upon by the former management but maintained that the judgment is currently under appeal, with applications for stay of execution already filed before the Court of Appeal.

The commission argued that the latest judgment cannot override the earlier Court of Appeal decision affirming the cancellation of Niger Insurance’s operating licence.

According to NAICOM, some former directors whose names appeared as plaintiffs in the latest court action have formally distanced themselves from the suit, claiming their names were used without their knowledge or consent.

The regulator also disclosed that it has petitioned the Inspector-General of Police over what it described as unlawful attempts by certain individuals to parade themselves as the management of Niger Insurance and interfere with assets meant for the settlement of policyholders’ claims and other liabilities.

NAICOM reiterated that Niger Insurance remains barred from underwriting fresh insurance business, while the Receiver/Liquidator retains full legal authority over the company’s management and assets pending the conclusion of the liquidation process.

The commission said the Receiver/Liquidator would continue to realise the company’s assets and pay verified insurance claims and other legitimate obligations in accordance with the law.

It advised all stakeholders, including former policyholders, creditors and members of the public, to disregard any individual or group claiming to represent Niger Insurance other than the Receiver/Liquidator appointed by the commission.

NAICOM also reaffirmed that the company’s former board of directors and management remain dissolved and no longer possess any legal authority to act on behalf of the insurer.