The regulator also announced the appointment of Sanya Ogunkuade and Aina Blankson as the receiver/liquidator for Niger Insurance Plc and Standard Alliance Insurance Plc respectively.
Although no official reason was given for the revocation of the insurance firms’ operating licences, NAICOM by law can revoke the certificate of registration of an insurer if it is insolvent, about to suspend payment of claims to any extent, or unable to meet its obligations. In a statement by NAICOM’s spokesperson, Rasaaq Salami, the commission said the revocation of the certificate took effect from June 21, 2022.
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