NAICOM declares Niger Insurance reports false, reaffirms licence cancellation stands

By Onu Okorie

Nigeria’s insurance regulator has dismissed as false and misleading recent newspaper publications claiming a revival of Niger Insurance Plc’s management, insisting the company’s operating licence remains cancelled and its receivership intact.

The National Insurance Commission (NAICOM) issued the rebuttal after reports appeared in national dailies on July 15, 2026, purporting to represent the company’s management. The regulator said the claims were “false, mischievous, and grossly misleading.”

NAICOM, which holds exclusive statutory authority to license and regulate insurers in Nigeria, cancelled Niger Insurance’s licence in 2022 over the company’s insolvency and its failure to pay verified claims. Otunba Sanya Ogunkuade, Esq. was subsequently appointed Receiver/Liquidator.

Former directors challenged the cancellation in court that year, but the Federal High Court struck out the suit in January 2023, finding the plaintiffs lacked standing once a receiver had been appointed and registered with the Corporate Affairs Commission. A Court of Appeal ruling in February 2025 upheld that decision. The plaintiffs’ further appeal to the Supreme Court remains pending.

While that appeal was ongoing, the same group filed a fresh suit at the Federal High Court seeking identical relief. Justice J.K. Omotosho ruled on that case on June 5, 2026 — the judgment cited in the disputed newspaper publications. NAICOM said the ruling came from a court of equal standing to the one that decided the 2023 case, and cannot override the Court of Appeal’s earlier affirmation. Both NAICOM and the Receiver/Liquidator have appealed the June ruling and filed for a stay of execution, which the Court of Appeal has yet to determine.

NAICOM added that some individuals named as plaintiffs in the Omotosho suit have since written to the commission denying any knowledge of or consent to the litigation, saying their names were used without authorization.

The commission said it has petitioned the Inspector-General of Police over what it described as unlawful attempts by the group to strip company assets meant for settling policyholder claims.

NAICOM reiterated that Niger Insurance remains barred from underwriting new business, its former board and management are dissolved, and the Receiver/Liquidator continues to control company assets and process verified claims pending winding-up. The public was urged to deal only with the Receiver, reachable at Plot 217, Upper Grace Plaza, Utako, Abuja.