NAICOM warns public against dealings with Niger Insurance’s purported management
National Insurance Commission NAICOM
Nike Popoola
The National Insurance Commission (NAICOM) has cautioned stakeholders and members of the public against dealing with individuals allegedly parading themselves as the management of Niger Insurance Plc, insisting that the company’s operating licence remains cancelled.
In a public notice issued on Friday, NAICOM described publications carried in some national newspapers on July 15, 2026, by the purported management of Niger Insurance Plc as “false, mischievous, and grossly misleading.”
The commission stated that it remains the sole statutory authority empowered to license, regulate and revoke the licences of insurance institutions in Nigeria.
According to NAICOM, Niger Insurance Plc’s licence was revoked in 2022 due to insolvency and its inability to settle verified insurance claims. Following the revocation, the commission appointed Otunba Sanya Ogunkuade as Receiver/Liquidator to oversee the company’s affairs.
NAICOM disclosed that former directors of the company had instituted legal proceedings challenging the cancellation of the licence and the appointment of the Receiver/Liquidator. However, the Federal High Court struck out the suit on January 31, 2023, ruling that the plaintiffs lacked the authority to institute the action after the Receiver’s appointment had been registered by the Corporate Affairs Commission.
It added that the Court of Appeal also struck out an appeal filed by the plaintiffs on February 27, 2025, while a further appeal remains pending before the Supreme Court.
The commission noted that the same group subsequently filed another suit at the Federal High Court seeking similar reliefs. It said the June 5, 2026 judgment delivered by Justice J.K. Omotosho in the matter is currently being challenged at the Court of Appeal.
“Applications for stay of execution of the judgment pending the determination of the appeal have also been filed by NAICOM and the Receiver/Liquidator,” the commission said, adding that the motions are yet to be determined.
NAICOM further maintained that the judgment being relied upon by the purported management was delivered by a court of concurrent jurisdiction and does not supersede the earlier Court of Appeal decision affirming the cancellation of Niger Insurance’s licence.
The commission also revealed that some former directors whose names appeared as plaintiffs in the suit had written to disclaim knowledge of the action, alleging that their names were used without their consent.
Additionally, NAICOM said it had petitioned the Inspector-General of Police over what it described as unlawful attempts by certain individuals to interfere with the company’s assets, which are intended for the settlement of insurance claims and other liabilities.
The regulator reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business, while the Receiver/Liquidator has been mandated to realise the company’s assets and continue settling verified claims and outstanding obligations.
NAICOM advised all stakeholders to recognise only the Receiver/Liquidator as the lawful representative of Niger Insurance Plc and warned the public to avoid engaging with any individuals or groups claiming to act on behalf of the company.
