BY NKECHI BAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Friday debunked reports in the media allegedly issued by the management of Niger Insurance Plc, describing it as false, misleading and intended to deceive the public.
According to the commission,the report which was published by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.
The commission disclosed this in a statement made aviation to BusinessTodayNG that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.
It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.
NAICOM added that “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).
“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending
It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.
NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.
However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.
The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.
The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.
It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.
According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.
The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.
The commission also advised the general public 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
While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.
