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The National Insurance Commission (NAICOM) has dismissed alleged claims made by individuals purporting to act on behalf of Niger Insurance Plc, describing the publications as false, misleading, and an attempt to misrepresent the legal status of the defunct insurer.
In a public notice obtained by Nairametrics on Friday, the insurance regulator reaffirmed that the operating licence of Niger Insurance Plc remains revoked and that the company is still under liquidation.
NAICOM also disclosed that it has petitioned the Inspector-General of Police (IGP) over what it described as attempts by certain individuals to unlawfully interfere with the assets of the company and undermine the liquidation process.
The commission warned policyholders, creditors, investors, and members of the public to disregard any statements or actions by persons claiming to represent Niger Insurance Plc.
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What they are saying
The regulator’s clarification follows alleged recent publications by individuals claiming to be acting as the management of Niger Insurance Plc after securing a judgment from the Federal High Court.
According to NAICOM, the individuals obtained a judgment delivered by Justice J.K. Omotosho on June 5, 2026, and have since sought to rely on the ruling to challenge the status of the company and its liquidation process.
However, the commission maintained that the judgment does not invalidate the cancellation of the insurer’s licence or the appointment of a Receiver/Liquidator.
NAICOM recalled that following the revocation of Niger Insurance’s operating licence in 2022, some former directors instituted legal proceedings seeking to challenge both the licence cancellation and the appointment of a Receiver/Liquidator.
- “Following the cancellation of the licence, some former directors of the company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the company’s licence and the appointment of the Receiver/Liquidator.
- “The suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC),” NAICOM stated.
The commission noted that the 2023 Federal High Court decision effectively upheld both the cancellation of the company’s licence and the appointment of the Receiver/Liquidator.
According to the regulator, an appeal subsequently filed by the plaintiffs was also struck out by the Court of Appeal on February 27, 2025.
Get up to speed
NAICOM revoked the operating licences of Niger Insurance Plc and Standard Alliance Insurance Plc in June 2022, citing their inability to meet obligations to policyholders and other stakeholders.
At the time, the regulator said both companies had struggled to settle insurance claims, pay staff salaries, and fulfil other statutory and financial commitments.
The action followed the suspension of both insurers by the Nigerian Insurers Association (NIA) in June 2021 over concerns regarding their financial condition and operational viability.
Following the revocation, NAICOM appointed Otunba Sanya Ogunkuade as Receiver/Liquidator to take control of Niger Insurance’s assets and liabilities, with a mandate to recover value and facilitate the settlement of outstanding claims and obligations.
More insights
NAICOM disclosed that the June 2026 judgment is currently being challenged and that applications seeking a stay of execution have already been filed.
The commission argued that the ruling cannot override existing judicial decisions that had already validated the liquidation process.
According to NAICOM:
- The June 2026 judgment was issued by a court of coordinate jurisdiction with the Federal High Court that delivered the 2023 ruling.
- The judgment cannot supersede the Court of Appeal decision that affirmed the licence cancellation and liquidation process.
- Some former directors whose names appeared as plaintiffs in the latest suit have formally denied authorising the action.
The regulator said written statements submitted by some of the affected individuals indicate that their names were allegedly used without their consent in the fresh legal action.
The insurance regulator further disclosed that it has formally petitioned the Inspector-General of Police over what it described as ongoing attempts to interfere with the assets of the company.
According to NAICOM, certain individuals have engaged in what it termed “self-help measures” aimed at disrupting the liquidation process and unlawfully taking control of company assets.
The commission stressed that only the Receiver/Liquidator appointed by the regulator has the legal authority to manage and dispose of the company’s assets.
- “The Receiver/Liquidator has been mandated to realise the assets of the company for the purpose of settlement/payments of the liabilities of the company,” the commission stated.
NAICOM maintained that any attempt by unauthorized persons to take possession of, transfer, or deal with the company’s assets would be contrary to the law and could undermine efforts to settle outstanding obligations to policyholders and creditors.
What you should know
The latest dispute underscores the complexities that often accompany insurance liquidations, particularly where there are competing claims over assets and control of a distressed company.
- Recently, NAICOM says it is committed to preventing the collapse of any licensed insurance company in Nigeria, as part of efforts to strengthen the sector and protect policyholders.
The assurance was given by the Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Omosehin, at the 2026 Awards and Recognition Ceremony of the Nigerian Insurers Association (NIA) held in Lagos on Thursday.
Omosehin’s remarks come as insurance firms continue to navigate an ongoing recapitalisation exercise, with a regulatory deadline set for July 31, 2026, aimed at improving financial stability across the industry.
