Business
NAICOM Dismisses Niger Insurance Claims, Says Company’s Licence Remains Revoked
BY NKECHI BAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Friday debunked reports in the media allegedly issued by the management of Niger Insurance Plc, describing it as false, misleading and intended to deceive the public.
According to the commission,the report which was published by various media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.
The commission disclosed this in a statement made aviation to BusinessTodayNG that it remains the only Federal Government agency established by law and vested with the exclusive statutory powers to license, regulate, and cancel the licence of any insurance institution in Nigeria.
It said due to the insolvent state of affairs of Niger Insurance and its persistent inability to pay verified insurance claims, NAICOM, in the exercise of its statutory mandate to protect policyholders, cancelled the its licence in 2022. Consequently, Otunba Sanya Ogunkuade, Esq. was appointed by NAICOM as the Receiver/Liquidator of the Company.
NAICOM added that “Following the cancellation of the licence, some former directors of the Company instituted a suit at the Federal High Court in 2022, purposely to challenge the cancellation of the Company’s licence and the appointment of the Receiver/Liquidator.
“The suit was struck out by the Federal High Court on 31 January 2023 on the grounds that the Plaintiffs lacked the power to institute the suit after the appointment of the Receiver/Liquidator, whose appointment had been duly registered by the Corporate Affairs Commission (CAC).
“The decision of the Federal High Court validated the cancellation of the Company’s licence and the appointment of the Receiver. An appeal by the Plaintiffs to the Court of Appeal by the Plaintiffs in the above suit was also struck out on 27th February 2025 by the Court of Appeal. A further appeal by the Plaintiffs to the Supreme Court is still pending
It added that an appeal against the judgment was also dismissed by the Court of Appeal on February 27, 2025, while a further appeal remains pending before the Supreme Court.
NAICOM noted that another suit filed by the same group of former directors resulted in a judgment delivered by the Federal High Court on June 5, 2026.
However, the Commission said the judgment is already being challenged at the Court of Appeal, where applications for a stay of execution have also been filed by both NAICOM and the Receiver/Liquidator.
The regulator maintained that the June 2026 judgment cannot override the earlier Court of Appeal decision, which upheld the cancellation of Niger Insurance’s licence.
The Commission also disclosed that some former directors whose names appeared as plaintiffs in the latest suit had written to disclaim any knowledge of the action, alleging that their names were used without their consent.
It further revealed that it has petitioned the Inspector-General of Police over what it described as the unlawful activities of individuals allegedly parading themselves as the management of Niger Insurance Plc.
According to the Commission, the petition seeks to prevent attempts to interfere with or dispose of the company’s assets, which are meant to satisfy legitimate insurance claims and other obligations.
The Commission reiterated that Niger Insurance Plc remains prohibited from underwriting new insurance business and that its affairs continue to be managed exclusively by the Receiver/Liquidator.
The commission also advised the general public to distance themselves from any person or group of persons purporting to act for or on behalf of the Company, other than the lawfully appointed Receiver/Liquidator
While reassuring that the company’s licence remains revoked, its former board and management remain dissolved, and the Receiver/Liquidator will continue to administer the company’s assets pending the final winding-up of its affairs.
The post NAICOM Dismisses Niger Insurance Claims, Says Company’s Licence Remains Revoked appeared first on Business Today NG.
The Federal Government says Fitch Ratings’ decision to revise Nigeria’s credit rating outlook from Stable to Positive reflects progress in economic reforms, foreign exchange market adjustments and efforts to strengthen the country’s external position.
Fitch announced the revision on 9 October, retaining Nigeria’s long-term foreign-currency issuer default rating at ‘B’.
In a statement issued on Saturday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Fitch cited increased foreign exchange reserves, easing inflation and improved economic prospects among the factors supporting the outlook revision.
According to the minister, Nigeria’s gross foreign exchange reserves rose to $54.9 billion as of 25 September 2026, from $32 billion in mid-April 2024.
He attributed the increase to more formalised foreign exchange transactions, portfolio inflows, higher exports and remittances.
Fitch also projected that Nigeria would record a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026.
Economic growth and inflation
The ratings agency projected that Nigeria’s real gross domestic product would grow by 4.3 per cent in 2026, compared with 4 per cent in 2025, with growth remaining above 4 per cent in 2027 and 2028.
Fitch expects non-oil activities to remain the main driver of economic expansion.
The projection comes as Nigeria’s economy recorded growth of 4.43 per cent year-on-year in the second quarter of 2026, according to the National Bureau of Statistics (NBS).
The figure was higher than the 3.89 per cent recorded in the first quarter of 2026 and the 4.23 per cent recorded in the corresponding quarter of 2025.
The World Bank’s October 2026 Nigeria Development Update projected average annual economic growth of 4.4 per cent between 2026 and 2028, identifying services and agriculture among the contributors to economic activity.
On inflation, Fitch projected an average rate of 15.4 per cent in 2026, less than half the level recorded in 2024.
The NBS reported that Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, from 15.43 per cent in July.
The figures provide recent context for Fitch’s assessment of inflation, although the agency’s annual average forecast is different from the monthly inflation rate reported by the NBS.
Reserves, oil production and public debt
Fitch also noted developments in Nigeria’s oil sector, including crude oil production meeting the country’s OPEC target of 1.5 million barrels per day from May 2026.
Mr Oyedele said increased domestic refining was helping to reduce fuel imports and foreign exchange demand.
On public finances, Fitch expects Nigeria’s tax reforms to increase non-oil revenue relative to the size of the economy.
The agency projected that general government debt would average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries with a ‘B’ rating.
Fitch also highlighted Nigeria’s domestic debt market and the banking sector recapitalisation exercise, noting that many banks had capital adequacy ratios above 20 per cent.
However, the agency identified persistent challenges, including inflation remaining above levels in peer countries, government revenue being low relative to the size of the economy, and interest payments accounting for a high proportion of government revenue.
The minister said the federal government would continue implementing reforms aimed at increasing revenue, improving spending efficiency, strengthening debt management and supporting non-oil economic growth.
Other rating developments
The Fitch decision follows other developments in Nigeria’s international credit assessments.
READ ALSO: FG to negotiate ₦1,350 petrol price ceiling as global oil shock drives pump prices
In May 2026, S&P Global Ratings upgraded Nigeria’s credit rating from ‘B-’ to ‘B’. In August, Moody’s revised its outlook on Nigeria to Positive while retaining its ‘B3’ rating.
Mr Oyedele noted that the government’s medium-term objective remained to improve Nigeria’s credit standing and work towards investment-grade status.
He said the administration would continue to focus on foreign exchange market reforms, tax revenue mobilisation, fiscal governance, more efficient public spending and growth in non-oil sectors.
The minister said its broader objective was to “translate economic reforms into jobs, food security, support for small businesses and improved living standards”.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
-
News3 days agoRobot data startup Mecka AI nabs $60M from Sequoia
-
Business2 days ago
Communications Ministry made ₦345.5 million duplicate payment for Abuja ICT Park project
-
Business2 days ago
Fuel subsidy would cost Nigeria over N20trn yearly — Minister
-
News2 days ago
LumenUs helps automate tedious paperwork in times of grief
