The National Insurance Commission (NAICOM) has issued a strong public warning to policyholders, creditors and the general public, distancing itself from what it described as “false, mischievous and grossly misleading” publications allegedly issued by individuals claiming to represent Niger Insurance Plc (In Receivership).
In a public notice signed by its management, the insurance regulator reaffirmed that Niger Insurance Plc remains in receivership, its insurance licence remains revoked, and only the Commission-appointed Receiver/Liquidator is legally empowered to manage the affairs and assets of the company.
The clarification follows newspaper publications carried on July 15, 2026, which NAICOM said sought to mislead stakeholders regarding the legal status and management of the troubled insurer.
Licence Remains Revoked
NAICOM stressed that, as Nigeria’s statutory insurance regulator, it possesses the exclusive legal authority to license, regulate and revoke the licences of insurance companies operating in the country.
The Commission recalled that it revoked the operating licence of Niger Insurance Plc in 2022 after determining that the company had become insolvent and was persistently unable to meet verified insurance claims owed to policyholders.
Following the licence revocation, NAICOM appointed Otunba Sanya Ogunkuade, Esq. as Receiver/Liquidator to take over the company’s management, preserve its assets and oversee the settlement of legitimate liabilities.
According to the Commission, the appointment remains valid and fully operational.
Court Cases Do Not Restore Company’s Status
NAICOM explained that former directors of Niger Insurance challenged the licence cancellation in court shortly after the Commission’s regulatory action.
However, the Federal High Court struck out the suit on January 31, 2023, ruling that the former directors lacked the legal authority to institute proceedings after the Receiver/Liquidator had been lawfully appointed and registered with the Corporate Affairs Commission (CAC).
The Commission noted that the Court of Appeal subsequently dismissed the appeal filed by the former directors on February 27, 2025, thereby affirming the earlier judgment. Although a further appeal remains pending before the Supreme Court, NAICOM maintained that the cancellation of the insurer’s licence has not been overturned.
NAICOM also disclosed that the same group later filed another suit before a Federal High Court, seeking substantially the same reliefs while the Supreme Court appeal was still pending.
Although Justice J. K. Omotosho delivered judgment on June 5, 2026, in that fresh suit, NAICOM said the ruling has already been appealed and applications for a stay of execution have been filed both by the Commission and the Receiver/Liquidator.
The motions are yet to be determined by the Court of Appeal.
Earlier Appeal Court Judgment Still Binding
The Commission argued that the June 2026 Federal High Court judgment cannot supersede the earlier Court of Appeal decision that validated the cancellation of Niger Insurance’s operating licence.
According to NAICOM, the judgment being relied upon by individuals claiming to be the company’s management is currently under appeal and therefore does not invalidate the Commission’s earlier regulatory actions.
Former Directors Distance Themselves From Suit
In another significant revelation, NAICOM disclosed that some former directors whose names appeared as plaintiffs in the recent lawsuit have formally written to the Commission denying involvement.
According to the regulator, the affected individuals stated that legal proceedings were initiated in their names without their knowledge or consent.
Police Petition Over Alleged Illegal Activities
NAICOM further revealed 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 Plc despite the company’s receivership status.
The Commission alleged that the individuals were attempting to interfere with company assets earmarked for the settlement of outstanding insurance claims and other liabilities.
No New Insurance Business Permitted
The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting any new insurance business.
Instead, the Receiver/Liquidator has been mandated to realise the company’s assets and apply the proceeds toward the payment of verified insurance claims, creditors and other legitimate obligations until the company’s affairs are completely wound up.
NAICOM stated that the Receiver has continued to discharge these statutory responsibilities and will remain in office until the liquidation process is concluded.
Public Advised to Deal Only With Receiver
The Commission advised policyholders, creditors and all stakeholders to ignore anyone claiming to represent Niger Insurance Plc apart from the duly appointed Receiver/Liquidator.
It stressed that:
The cancellation of Niger Insurance Plc’s licence remains in force.
The appointment of the Receiver/Liquidator remains valid.
The company’s former board of directors and management remain dissolved.
Control and administration of the company’s assets remain solely under the Receiver.
NAICOM urged anyone requiring information concerning the management of Niger Insurance Plc or its assets to contact the Receiver/Liquidator, Otunba Sanya Ogunkuade, Esq., at his designated office in Utako, Abuja.
Regulator Reaffirms Commitment to Policyholder Protection
The Commission said its actions remain guided by its statutory responsibility to protect policyholders, preserve confidence in Nigeria’s insurance industry and ensure that the assets of insolvent insurers are properly managed for the benefit of legitimate claimants.
NAICOM urged the public to disregard misinformation capable of undermining the ongoing liquidation process, insisting that all regulatory measures taken against Niger Insurance Plc remain legally effective pending the final determination of all outstanding appeals.
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
