Following the failure of several palliatives to strengthen both Niger Insurance Plc and Standard Alliance Insurance; the National Insurance Commission (NAICOM) has revoked their licenses, weeding them off the market.
The insurance regulator has also appointed two liquidators to prepare their rites of passage.
The two have been ailing for some time, and several efforts to heal and resuscitate them have proved abortive.
They contain this disclosure in a statement titled, ‘Notice of cancellation of the Certificates of Registration of Niger Insurance Plc and Standard Alliance Insurance Plc’; issued by the Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami.
Salami in the statement that the commission has appointed Sanya Ogunkuade and Kehinde Aina, as the Receiver/Liquidator for Niger Insurance and Standard Alliance Insurance Plc, respectively.
The statement from NAICOM reads, “This is to notify all insurance stakeholders and members of the public; that the National Insurance Commission has canceled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091; and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June 2022.