Nigeria National Insurance Commission rejects purported Niger Insurance management claims, says licence remains cancelled and receiver remains in place

The Nigeria National Insurance Commission issued a notice to stakeholders of Niger Insurance Plc stating that newspaper publications by the company’s purported management were false and misleading. It said Niger Insurance remains in receivership, its insurance licence remains cancelled, its former board and management remain dissolved, and only the appointed Receiver and Liquidator is authorized to manage the company and its assets. The insurer also remains prohibited from underwriting new insurance business. The commission said it cancelled Niger Insurance’s licence in 2022 because of the company’s insolvent condition and persistent inability to pay verified insurance claims, and then appointed Otunba Sanya Ogunkuade as Receiver and Liquidator. It referred to a Federal High Court decision of 31 January 2023 striking out a challenge by former directors, and a Court of Appeal decision of 27 February 2025 striking out the related appeal, while noting that a further appeal is pending before the Supreme Court. It also said a separate Federal High Court judgment delivered on 5 June 2026 is now under appeal, and that applications by the commission and the Receiver and Liquidator for a stay of execution are still awaiting determination. The notice added that the Receiver and Liquidator has been mandated to realise the company’s assets to settle verified claims and other liabilities pending the final winding up of its affairs. The commission said it has also petitioned the Inspector-General of Police over alleged attempts by individuals presenting themselves as management to interfere with company assets, and advised stakeholders and the public to deal only with the Receiver and Liquidator.