Niger Insurance Plc reacts to newspaper publication of NAICOM’s intention to cancel its certificate

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Friday, April 08, 2022 / 3:36 PM / by NGX / Header image credit: Niger Insurance

Niger Insurance Plc notes the publication in some daily newspapers of the intention of our main regulator, the National Insurance Commission (NAICOM), to withdraw the certificate of registration of the Company, the Company hereby confirms that it has received a letter to this effective March 31, 2022.

The Company wishes to state categorically that the letter received is an expression of NAICOM’s intention to withdraw the certificate and is based on certain operational issues for which the Company has had time to explain its position and make withdrawal appeal.

Specifically, the letter grants the company 30 days from the date of receipt to appeal the intention and justify to NAICOM, the Minister of Finance, Budget and National Planning, why the certificate should not be withdrawn.

The company’s board and management are working to present a cogent position to NAICOM and the Minister of Finance, Budget and National Planning that the operational issues mentioned in the letter are being addressed. resolved and that the withdrawal of the registration certificate would not be necessary. After reviewing the Company’s current operational levels against the content of the letter, the Company is very optimistic that the intention to withdraw the certificate of registration will be rescinded, upon presentation of the facts on the issues raised and of the current position of the Company.

The Company therefore urges various stakeholders ranging from shareholders, customers and the general public to continue transacting their business with us in the usual manner as it is certain that the issues surrounding the withdrawal would be resolved very soon.

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