The National Insurance Commission (NAICOM) has petitioned the Inspector-General of Police (IGP), seeking an investigation into what it described as an unlawful attempt by individuals to assume control of the affairs and assets of Niger Insurance Plc, whose operating licence was revoked in 2022 and which remains under statutory liquidation.
The regulator said the move followed a newspaper advertisement published on July 15, 2026, in which certain individuals allegedly presented themselves as the management of the defunct insurer. NAICOM argued that the publication was misleading and could disrupt the legally established liquidation process.
In its petition, the Commission accused the individuals of engaging in “self-help” and attempting to interfere with the company’s assets outside the legal framework. It warned that any unauthorized disposal or control of those assets could reduce the pool of funds available for settling outstanding obligations to policyholders and other creditors.
NAICOM stressed that Niger Insurance has remained in official liquidation since its licence was withdrawn in June 2022 as part of regulatory efforts to strengthen the insurance industry’s financial stability and protect policyholders.
The Commission reiterated that Otunba Sanya Ogunkuade remains the only legally appointed statutory receiver and liquidator with the authority to administer the company’s affairs, recover assets, and oversee the settlement of verified claims.
The regulator also maintained that the dispute over the company’s control has already been determined by the courts. According to NAICOM, a suit filed by former directors challenging the liquidation was dismissed by the Federal High Court in January 2023, while their appeal was struck out by the Court of Appeal in February 2025.
Although the individuals behind the recent takeover attempt reportedly rely on a judgment delivered on June 5, 2026, NAICOM argued that the ruling neither overturns nor invalidates the earlier appellate court decision that affirmed the liquidation process.
The Commission further noted that some individuals named as members of the purported management team have publicly denied participating in the legal action, claiming they were unaware that proceedings had been initiated in their names.
NAICOM advised reinsurers, brokers, policyholders, corporate clients, and the wider public to avoid dealing with any person or group claiming authority over Niger Insurance outside the office of the statutory liquidator.
The regulator warned that any transaction conducted with unauthorized persons would be undertaken entirely at the parties’ own risk.
As of the time of reporting, the Nigeria Police Force had not issued an official response to NAICOM’s petition.
The case is being closely watched across Nigeria’s insurance industry, where stakeholders say preserving the integrity of liquidation proceedings is essential for safeguarding creditors’ interests, maintaining confidence in regulatory enforcement, and ensuring that recoverable assets are applied to outstanding policyholder claims in accordance with the law.
