The National Insurance Commission (NAICOM) has warned stakeholders and members of the public against dealing with individuals allegedly presenting themselves as the management of Niger Insurance Plc, insisting that the company’s operating licence remains cancelled.
The commission, in a public notice, described recent publications by individuals claiming to represent the management of Niger Insurance Plc as “false, mischievous and grossly misleading”, urging policyholders and stakeholders to disregard such claims.
NAICOM said the insurer’s licence was cancelled in 2022 following what it described as the company’s insolvent financial condition and persistent inability to settle verified insurance claims.
Following the cancellation, the commission appointed Sanya Ogunkuade as the Receiver/Liquidator of Niger Insurance Plc, with the mandate to manage the company’s affairs, realise its assets and settle outstanding obligations.
The regulator stated that it has the statutory authority to license, regulate and cancel the licences of insurance institutions operating in Nigeria, adding that Niger Insurance Plc remains prohibited from underwriting new insurance business.
According to NAICOM, former directors of the company had challenged the cancellation of the licence and the appointment of the Receiver/Liquidator through legal action instituted at the Federal High Court in 2022.
The commission said the suit was struck out by the Federal High Court on January 31, 2023, on the grounds that the plaintiffs lacked the authority to institute the action after the appointment of the Receiver/Liquidator, whose appointment had been registered with the Corporate Affairs Commission (CAC).
It added that the decision of the Federal High Court validated the cancellation of Niger Insurance’s licence and the appointment of the Receiver, while an appeal filed at the Court of Appeal was also struck out on February 27, 2025.
NAICOM noted that a further appeal by the former directors at the Supreme Court remains pending.
The commission further disclosed that the same group of individuals later filed another suit at the Federal High Court seeking similar reliefs, which resulted in a judgment delivered by Justice J.K. Omotosho on June 5, 2026.
However, NAICOM said the judgment is currently subject to an appeal at the Court of Appeal, with applications for a stay of execution filed by both the commission and the Receiver/Liquidator yet to be determined.
The regulator argued that the judgment being relied upon by the purported former management does not override previous court decisions upholding the cancellation of Niger Insurance’s licence.
NAICOM also alleged that some former directors whose names appeared as plaintiffs in the recent suit had written to the commission, denying knowledge of the legal action and stating that their names were used without their consent.
The commission said it has petitioned the Inspector-General of Police over what it described as attempts by the group to unlawfully present themselves as the management of Niger Insurance Plc and interfere with the company’s assets.
It warned that the assets of the company are meant to be used for settling legitimate claims and other liabilities owed by the insurer.
“Stakeholders of Niger Insurance Plc (In Receivership) and members of the general public are strongly advised to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator,” NAICOM said.
The commission reiterated that the former board of directors and management of Niger Insurance Plc remain dissolved, while the Receiver/Liquidator continues to oversee the company’s affairs pending the final winding-up process.
