Public notice to all stakeholders of Niger Insurance Plc (In Receivership)

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 (“Niger” or “the Company”). For the avoidance of doubt, NAICOM hereby categorically states that the referenced publication is false, mischievous, and grossly misleading.

Accordingly, the general public, especially stakeholders and former policyholders of Niger Insurance Plc, are hereby requested to TAKE NOTICE of the following:

1. NAICOM is a Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.

2. Due to the insolvent state of affairs of Niger Insurance Plc and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the Company’s insurance licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.

3. Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator. The suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC). The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending.

4. During the pendency of the Plaintiffs’ appeal, the same group of individuals filed a fresh suit at the same Federal High Court, requesting the same reliefs as those sought in the earlier suit, which is the subject of a pending appeal at the Supreme Court. The judgment referenced in the publications, which was delivered by Hon. Justice J. K. Omotosho of the same Federal High Court on 5 June 2026 is now the subject of an appeal at the Court of Appeal. Applications for stay of execution of the judgment pending the determination of the appeal have also been filed by NAICOM and the Receiver/Liquidator. The motions for the stay of execution of the judgment of Justice J. K. Omotosho are yet to be determined by the Court of Appeal.

5. The judgment being paraded and relied upon albeit wrongfully in the referenced publication, was delivered by a court of concurrent jurisdiction as the court which delivered the 2023 judgment, which validated the cancellation of the Company’s status as an insurer.

6. The decision of Hon. Justice J. K. Omotosho delivered of 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, which is currently on appeal before the Court of Appeal, the judgment was delivered notwithstanding the pending appeal before the Supreme Court filed by the same group of former directors against the earlier Court of Appeal judgment affirming the 2023 decision.

7. Some of the former directors of the Company whose names were used as Plaintiffs in the suit before Hon. Justice J. K. Omotosho, have formally written to NAICOM disclaiming knowledge of the suit and stating that their names were used to institute the suit without their knowledge and/or consent.

8. NAICOM has formally petitioned the Inspector-General of Police (IGP) regarding the brazen and unlawful activities of this group of individuals who continue to parade themselves as the management of Niger Insurance Plc (in-receivership). The petition highlights their attempts to resort to self-help measures and unlawfully interfere with or strip the assets of the company, which are intended for the settlement of legitimate insurance claims and other liabilities.

9. Niger Insurance Plc remains prohibited from underwriting new insurance business.

10. The Receiver/Liquidator has been mandated to realise the assets of the Company for the purpose of settlement/payments of the liabilities of the company.

11. The Receiver/Liquidator has continued, and will continue, to discharge his statutory responsibilities through the payment of verified claims and the settlement of the Company’s obligations pending the final winding-up of its affairs.

NAICOM, as the solely authorised regulatory body of the insurance industry in Nigeria, further
NOTIFIES AND ADVISES all stakeholders of Niger Insurance Plc (In Receivership) and the general public as follows:

1. The licence of Niger Insurance Plc remains cancelled, and the appointment of the Receiver/Liquidator subsists.
2. The former Board of Directors and management of the Company remain dissolved and non-existing.
3. Stakeholders of the Company and members of the general public are strongly advised to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator.
4. The management of the company and its assets remain under the Receiver duly appointed by NAICOM.
5. For further information or enquiries regarding the management of the Company and its assets, stakeholders and members of the general public should contact the Receiver/Liquidator, Otunba Sanya Ogunkuade, Esq. at Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja.

Signed, Management.