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Thursday, March 30, 2023

Niger Insurance Confirms Receiving NAICOMs Letter to Cancel Its Certificate of Registration

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…says it has 30-day grace

Niger Insurance Plc says it notes the publication in some daily newspapers of the intention of its primary Regulator, National Insurance Commission’s (NAICOM) to withdraw the Company’s registration certificate, and the Company has confirmed that it received a letter to this effect on 31st of March 2022.

“The Company wishes to categorically state that the letter received is an expression of NAICOM’s intention to withdraw the certificate and it is premised on some operational matters for which the Company has been given time to explain its position and appeal the withdrawal,” it said.

“Specifically, the letter grants the Company a 30-day period from the date of the receipt, to appeal the intention and show cause to NAICOM, the Minister of Finance, Budget, and National Planning, why the certificate should not be withdrawn.”

Read Also: https://moneycentral.com.ng/insurance/article/niger-insurances-directors-staff-pay-exceed-revenue-as-losses-pile/

The Board of Directors and Management of the Company are working to present a convincing position to both NAICOM and the Minister of Finance, Budget, and National Planning that the operational issues mentioned in the letter are being addressed and the withdrawal of the registration certificate would not be necessary, according to Niger Insurance.

It added that having reviewed the Company’s current operational levels vis-a-vis the content of the letter, the Company is very optimistic that the intention to withdraw the registration certificate will be rescinded, upon presentation of facts on the issues raised and the current position of the Company.

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

Niger Insurance Plc has a dedicated investors’ portal on its corporate website which can be accessed via this link: https://nigerinsurance.com/investorsrelations. The Company’s Investors’ Relations Officer can also be reached through electronic mail at: [email protected]; or telephone on: +234 8136053520 for any investment related enquiry.

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