The National Insurance Commission (NAICOM) has dismissed claims made by individuals purporting to be the management of Niger Insurance Plc, describing their recent publications as false, mischievous and grossly misleading. In a public notice issued on Friday, July 17, 2026, the commission reaffirmed that Niger Insurance Plc remains in receivership,……
The National Insurance Commission (NAICOM) has dismissed claims made by individuals purporting to be the management of Niger Insurance Plc, describing their recent publications as false, mischievous and grossly misleading.
In a public notice issued on Friday, July 17, 2026, the commission reaffirmed that Niger Insurance Plc remains in receivership, with its operating licence revoked and the Receiver/Liquidator retaining full authority over the company’s affairs.
NAICOM said publications carried in some national newspapers on July 15, 2026, by the purported management of the company were intended to mislead stakeholders and the public about the legal status of Niger Insurance Plc.
READ MORE: Nigeria’s Foreign Reserves Surge to Record $51.89 Billion
“The attention of the National Insurance Commission (NAICOM) has been drawn to publications carried in various national daily newspapers on 15 July 2026 by the purported management of Niger Insurance Plc. For the avoidance of doubt, NAICOM hereby categorically states that the referenced publication is false, mischievous and grossly misleading.”
The commission explained that it revoked the insurer’s licence in 2022 after the company became insolvent and consistently failed to settle verified insurance claims. It added that Otunba Sanya Ogunkade was subsequently appointed as the Receiver/Liquidator to protect policyholders and oversee the winding-up process.
According to NAICOM, legal actions filed by some former directors challenging the revocation of the company’s licence and the appointment of the Receiver/Liquidator were dismissed by both the Federal High Court and the Court of Appeal. It noted that an appeal remains pending before the Supreme Court, and a separate judgment delivered on June 5, 2026, is also before the Court of Appeal, where applications for a stay of execution are yet to be determined.
“The decision of Hon. Justice J.K. Omotosho delivered on 5 June 2026 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 decision of Justice J.K. Omotosho is currently on appeal before the Court of Appeal, while the earlier Court of Appeal judgment affirming the 2023 decision remains valid notwithstanding the pending appeal before the Supreme Court,” said the regulator.
NAICOM further disclosed that some individuals whose names appeared as plaintiffs in the recent suit had distanced themselves from the litigation.
“Some of the former directors of the company, whose names were used as plaintiffs, have formally written to NAICOM disclaiming knowledge of the suit. They stated that their names were used to institute the action without their knowledge and consent.”
READ MORE: Tinubu Says Reforms Are Working, Economy Making ‘Foundational Progress’
The commission also revealed that it had petitioned the Inspector-General of Police over what it described as unlawful activities by persons presenting themselves as the management of Niger Insurance Plc despite the subsisting receivership.
“NAICOM has formally petitioned the Inspector-General of Police regarding the brazen and unlawful activities of this group of individuals who continue to parade themselves as the management of Niger Insurance Plc. The petition highlights their attempts to resort to self-help measures and unlawfully interfere with or strip the assets of the company intended for the settlement of legitimate insurance claims and other liabilities,” added the insurance sector regulator.
Reaffirming the company’s status, NAICOM stressed 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 the payment of verified claims.
The commission urged stakeholders, former policyholders and members of the public to deal only with the duly appointed Receiver/Liquidator on matters relating to the company’s affairs.
NAICOM maintained, “The licence of Niger Insurance Plc remains cancelled, and the appointment of the Receiver/Liquidator subsists. Stakeholders and members of the general public are strongly advised to distance themselves from any person or group purporting to act for or on behalf of the company other than the lawfully appointed Receiver/Liquidator.”