NAICOM Reports Illegal Niger Insurance Management to Police
By Patience Ikpeme
The federal regulatory body for insurance in the country, the National Insurance Commission (NAICOM), has written a official petition to the Inspector-General of Police over the illegal activities of some individuals who are still parading themselves as the management of Niger Insurance Plc.
According to a public notice issued by the commission, these individuals are trying to take over the law by force and illegally sell off the assets of the troubled insurance company. NAICOM explained that the property and money left in the company belong to ordinary citizens who bought insurance policies and are waiting to get their claims paid.
The trouble started after the group published advertisements in some national newspapers on July 15, 2026, claiming they were still in charge of the company. In its swift response, the regulatory agency described the publications as completely false, mischievous, and highly misleading to the public.
To clear the air, NAICOM stated that it is the only government agency with the legal power to give or take away insurance licences in Nigeria. The commission explained that it officially cancelled the operational licence of Niger Insurance Plc since 2022 because the company had become broke and could no longer pay the claims of its customers.
Following the closure of the company, NAICOM appointed a legal expert, Otunba Sanya Ogunkuade, as the Receiver and Liquidator. His job is to look for the company’s properties, sell them, and use the money to pay back the policyholders and other people the company owes.
In the official statement, NAICOM management stated that Niger Insurance Plc remains blocked from selling any new insurance policies to the public. The commission stated that the former Board of Directors and the old management team no longer exist under the law.
Giving a breakdown of the legal battle, the commission explained that some former directors rushed to the Federal High Court in 2022 to challenge the cancellation of their licence. However, the court threw out the case in January 2023, ruling that the directors lost their powers the moment a liquidator was appointed and registered with the Corporate Affairs Commission. The ex-directors took the matter to the Court of Appeal, but the higher court also threw out their case in February 2025.
While that case is still waiting for a final decision at the Supreme Court, the same group went back to another judge at the Federal High Court to file a fresh lawsuit, asking for the exact same things they lost before. They managed to get a judgment from Justice J. K. Omotosho on June 5, 2026, which is what they are now using to confuse the public.
NAICOM has, however, challenged this new judgment at the Court of Appeal and has filed papers to stop the ex-directors from executing the judgment until the higher court hears the matter.
In a surprising twist, NAICOM revealed that some of the former directors whose names were listed as the people suing the government have come out to wash their hands off the matter. The commission stated that these former directors wrote official letters explaining that they knew nothing about the new lawsuit and that their names were used without their permission or consent.
Warning the public to be careful, NAICOM advised all stakeholders and ordinary Nigerians to stay away from anyone claiming to represent the company. The commission stated that the management of the company and all its properties are strictly under the control of the liquidator appointed by the government.
For customers who want to verify their papers or ask about their unpaid money, the commission stated that they should visit the office of the Receiver, Otunba Sanya Ogunkuade, at Upper Grace Plaza in Utako, Abuja, as he will continue to pay verified claims until the winding-up process is completely finished.
