‘Seun Ibukun-Oni, Abuja
Daily Courier – The National Insurance Commission (NAICOM) has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 , effective 21st June, 2022.
Following the development, the NAICOM has appointed Sanya, Ogunkuade (Esq) and Kehinde Aina (Esq), as the Receivers/Liquidators for Niger Insurance Plc and Standard Alliance Insurance Plc respectively.
Although the Commission did not give any reason for its action, it, however, advised all stakeholders to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.
In a notice announcing the cancellation and posted by ‘Rasaaq ‘Salami, Head, Corporate Communications and Market Development, for Commissioner for Insurance, NAICOM, he reassured all stakeholders of the Commission’s resolve to protect their interests.
The notice reads: “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission (NAICOM), has CANCELLED 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.
“Consequently, the Commission has appointed Sanya Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja, as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos, as the Receiver/Liquidator for Standard Alliance Insurance Plc.
“All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.
“The Commission assures all stakeholders of the safety and protection of their interests.”
Niger Insurance Plc was established in August, 1962 as a specialist Life Company under the name Yorkshire Insurance Company. As a public quoted composite Insurance Company. Before it liquidation, it operates with an asset base in excess of N21 billion and a fully paid-up share capital of N3, 868,307,000.
Standard Alliance Insurance Plc
(SA Insurance Plc). The company was incorporated in July 1981 as a Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996.
Standard Alliance became a Public Liability Company (Plc) on 30th May, 2002 and was quoted on the Nigerian Stock Exchange in December 2003.
The Company has an authorized capital of N7bn divided into 14bn ordinary shares at 50kobo each. As at December 31st 2014, total paid-up share capital stood at N5.996bn; total assets of N7.721bn and Shareholders funds of N3.417bn.