NIGER INSURANCE: PUBLICATION ON MEDIA REPORT

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Lagos, October 21, 2022.

PUBLICATION TO NIGERIAN EXCHANGE LIMITED REGARDING NEWSPAPER PUBLICATION REGARDING CANCELLATION BY NAICOM OF THE LICENSE TO OPERATE OF NIGER INSURANCE PLC (“THE COMPANY”)

The Company acknowledges the publication of an online log on Tuesday, June 28, 2022 of the revocation of our operating license by our main regulator – NAICOM, and confirms that on June 27, 2022, the Company received a letter from NAICOM informing him of the cancellation of his license and the appointment of a liquidator.

Upon receipt, the company’s board and management immediately noted that the action had been taken without due process by NAICOM. The company has since taken appropriate action in an effort to resolve the error.

The Company filed a lawsuit against NAICOM in the Federal High Court to determine whether NAICOM erred in the outright cancellation of the Company’s license and the appointment of a liquidator. The case was adjourned to October 17, 2022, and although the hearing has begun, the case has been adjourned to another date in December 2022 to continue. The Company had originally also obtained an interim injunction order from the court dated July 1, 2022, which further ordered the parties to the lawsuit to maintain the status quo until the lawsuit hearing. These actions have ensured that the Company’s license remains operational pending the outcome of the Court. The company had, in an effort to educate the public and its stakeholders about its continuity in the insurance industry and to inform them of current events, had published an infomercial in the Punch newspaper on September 12, 2022.

We therefore urge the various stakeholders, ranging from shareholders, customers and the general public, to continue transacting their business with us in the usual manner, as we are confident that the issues surrounding the withdrawal will be resolved very soon.

BY ORDER OF COUNCIL

TOLG NOMINEES

CORPORATE SECRETARY

FRC/2016/00000009114.

Disclaimer

Niger Insurance plc published this content on October 21, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on October 21, 2022 5:59:08 PM UTC.

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