Battle For Niger Insurance Deepens As NAICOM Rejects Management Comeback

The National Insurance Commission (NAICOM) has dismissed claims suggesting that Niger Insurance Plc has resumed operations, insisting that the company remains under receivership and warning the public against dealing with individuals purporting to act as its management.

In a public notice issued on Thursday seen by THE WHISTLER, the insurance regulator described a publication by the purported management of Niger Insurance Plc, which appeared in several national newspapers on July 15, as “false, mischievous and grossly misleading.”

NAICOM reiterated that it remains the only statutory authority empowered to license, regulate and revoke the licences of insurance companies in Nigeria, stressing that Niger Insurance’s operating licence was cancelled in 2022 due to insolvency and its inability to meet verified insurance claims.

The commission said that following the revocation of the company’s licence, it appointed Otunba Sanya Ogunkuade as Receiver/Liquidator to oversee the firm’s affairs and protect the interests of policyholders.

According to NAICOM, the licence revocation remains valid despite ongoing litigation instituted by some former directors of the company.

The commission explained that the first legal challenge filed by the former directors was struck out by the Federal High Court on January 31, 2023, on the grounds that they lacked the legal authority to institute the action after the appointment of the Receiver/Liquidator.

It added that the Court of Appeal affirmed the decision by striking out a subsequent appeal on February 27, 2025, while a further appeal is currently pending before the Supreme Court.

NAICOM said the latest controversy stemmed from another suit filed by the same group before the Federal High Court, which resulted in a judgment delivered by Justice J. K. Omotosho on June 5, 2026.

However, the commission argued that the judgment is already being challenged at the Court of Appeal, where applications for stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.

It maintained that the judgment does not invalidate the earlier decisions that upheld the cancellation of the company’s licence.

“The decision of Hon. Justice J. K. Omotosho is not and cannot be superior to the previous decision of the Court of Appeal, which upheld the cancellation of the company’s licence,” the commission stated.

NAICOM further disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to the commission denying any knowledge of the action, claiming their names were used without their consent.

The regulator also accused a group of individuals of attempting to unlawfully present themselves as the management of Niger Insurance despite the subsisting receivership.

According to the commission, it has petitioned the Inspector-General of Police over what it described as attempts by the group to resort to self-help and interfere with the company’s assets.

NAICOM alleged that the actions were aimed at stripping the company of assets meant for the settlement of outstanding insurance claims and other liabilities.

The commission stressed that Niger Insurance remains prohibited from underwriting new insurance business, while the Receiver/Liquidator continues to manage and realise the company’s assets for the purpose of paying verified claims and settling creditors.

It advised stakeholders, former policyholders and members of the public to recognise only the Receiver/Liquidator as the lawful authority managing the affairs of the company.

“The licence of Niger Insurance Plc remains cancelled, and the appointment of the Receiver/Liquidator subsists,” the commission stated.

It added that the former board of directors and management of the company remain dissolved and no longer possess any authority to act on behalf of the insurer.

NAICOM urged members of the public to refrain from dealing with any individual or group claiming to represent Niger Insurance Plc other than the duly appointed Receiver/Liquidator, warning that the management and assets of the company remain under his exclusive control pending the final winding-up of its affairs.