The National Insurance Commission (NAICOM), has questioned the rationale of a group of directors of Niger Insurance Plc for acting on the judgement of Hon J.K. Omotosho of the Federal High Court Lagos on 5 June 2026, which is now subject of an appeal at the Court of Appeal.
NAICOM in a statement said applications to stay of execution of the judgement pending the determination of the appeal have also been filed by the Commission and the Receiver/Liquidator. However, the motion for stay of execution of the judgement are yet to be determined by the Court of Appeal.
The Commission says the judgement being paraded and relied upon albeit wrongfullying in the referenced publication, was delivered by a court of concurrent jurisdiction as the court which delivered the 2023 judgement, which validated the cancellation of the company’s stutus as an insurer.
The regulator’s position, “The decision of the Justice J.K. Omotosho delivered of 5 June 2026 is not and cannot be superior to the previous decision of the Court of Appeal, which upheld the cancellation of the company’s licence. The decision of the Justice, which is currently on appeal before the Court of Appeal the judgement was delivered notwithstanding the pending appeal before the Supreme Court filed by the same group of former directors against the earlier Court of Appeal judgement affirm the 2023 decision.
Asserting that some former directors whose names appeared as plaintiffs have disclaimed consent, the Commission said it has formally petitioned the Inspector-General of Police IGP on the activities of the group. It clears that the petition highlights their attempts to resort to self help measures and unlawfully interfere with or strip the assets of the company, which are intended for the settlement of legitimate insurance claims and other liabilities.
NAICOM in the statement declares, “Niger Insurance Plc remains prohibited from underwriting new insurance business.”
