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NAICOM Dismisses Niger Insurance Claims, Says Company’s Licence Remains Revoked

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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media organizations lon July 15, 2026, misrepresented the legal status of Niger Insurance Plc, whose operating licence was revoked in 2022.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.

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Business

Nigeria, Canada expand air deal, facilitate direct flights

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Nigeria and Canada have expanded their bilateral air transport framework, paving the way for scheduled direct air services between the two countries and creating new opportunities for passenger and cargo operations.

The agreement, signed on Thursday in Abuja, provides for multiple airlines from both countries to operate scheduled services and establishes capacity for passenger and cargo flights.

It also provides for up to 14 weekly passenger flights and 10 weekly all-cargo flights for designated airlines from each country.

The agreement is expected to improve air connectivity between Nigeria and Canada while supporting trade, tourism, education, investment and stronger people-to-people relations.

The Minister of Aviation and Aerospace Development, Festus Keyamo, was represented at the signing by the Director of Air Transport Management in the ministry, Mohammed Ahmed Tijjani.

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Mr Tijjani signed the agreement with Canada’s Chief Air Negotiator for Global Affairs Canada, Shendra Melia, at the Canadian High Commission in Abuja.

The signing followed a technical review session in which officials from both countries examined the existing bilateral air services framework and agreed to expand it.

Nigeria, Canada expand air deal, pave way for direct flights
Nigeria, Canada expand air deal, pave way for direct flights

Shift towards direct connectivity

The new arrangement represents a significant expansion of the aviation relationship between Nigeria and Canada.

The two countries first negotiated an air transport agreement in 2014, but the framework was initially limited to code-sharing arrangements rather than direct scheduled flights.

The agreement was formally signed in March 2025, providing a framework for airlines to market services operated by partner carriers.

The latest expansion changes that framework by allowing designated airlines from both countries to operate scheduled services directly between Nigeria and Canada.

The agreement, therefore, provides the legal basis for airlines to pursue direct operations, although the signing itself does not mean such flights will begin immediately.

Airlines would still need to be designated by their respective governments and meet applicable regulatory, operational and commercial requirements before commencing services.

More opportunities for passengers and cargo

For travellers, direct scheduled services could reduce the need for connecting flights through third countries and make journeys between Nigeria and Canada more convenient.

The development could be particularly significant for Nigerians travelling to Canada for education, business, tourism and family visits, as well as Canadians travelling to Nigeria for business and other purposes.

As of 31 March 2026, more than 25,000 Nigerians held valid Canadian study permits, according to the information provided by the Federal Government, highlighting the importance of the education link between the two countries.

The agreement also provides a greater scope for cargo operations.

Under the expanded framework, designated airlines can operate up to 10 weekly all-cargo services, while fifth-freedom traffic rights have been granted for cargo operations.

Fifth-freedom rights allow an airline to carry traffic between two foreign countries as part of a service that originates from or terminates in the airline’s home country.

The provision could create additional options for moving goods through the two countries and strengthen commercial links between Nigerian and Canadian businesses.

Wider economic ties

The expanded aviation agreement comes as Nigeria and Canada seek to deepen economic relations beyond air travel.

Improved connectivity can support tourism, facilitate business travel, encourage investment and make it easier for people and goods to move between the two markets.

The Nigerian delegation at the signing included the Director of Air Transport Management, Mr Tijjani; the Director of Legal Services, Jummai Yahaya; and the Director of Air Transport Regulation at the Nigeria Civil Aviation Authority, Olayinka Babaoye-Iriobe.

The Canadian delegation was led by Ms Melia and included officials from Global Affairs Canada and Transport Canada.

READ ALSO: FG approves New York, Dubai, Canada routes for United Nigeria Airlines — Keyamo

The expanded framework gives airlines from both countries greater room to compete, as each country can designate multiple carriers rather than restricting scheduled operations to a single airline.

For Nigeria, the development also fits into the Federal Government’s wider effort to expand international air connectivity and secure new routes that can support tourism, trade and investment.

The agreement now provides the framework for airlines on both sides to pursue direct scheduled services, potentially bringing an end to years of reliance on connecting routes for travellers moving between Nigeria and Canada.


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Business

NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit

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BY NKECHI NAECHE-ESEZOBOR—For not meeting  the statutory Minimum Capital Requirement as stipulated by the Nigerian Insurance Industry Reform Act 2025, the National Insurance Commission (NAICOM), has withdrawn the operating licence of Nigeria Reinsurance Corporation.

The commission has also appointed Dr Muiz Banire, SAN, as receiver and provisional liquidator which took  effect on 3 August 2026.

According to notice dated 4 August, Banire confirmed he was empowered by NAICOM to oversee the receivership and liquidation of the company (registration number RR-002).

The withdrawal of authorization followed the organization’s failure to meet mandatory capital baselines before the statutory deadline.

The appointed liquidator is tasked with tracing and securing assets, auditing liabilities, coordinating with regulatory authorities, and submitting progress reports.

He ordered an immediate freeze on all corporate bank accounts, instructing financial institutions, clients, and the public to ignore commands unless issued directly by him or certified representatives.

Regulators framed this measure as essential to uphold financial standards, protect consumers, and maintain sector stability.

All involved parties must channel future transactions exclusively through the liquidator while assets are realized and operations are systematically terminated.

The post NAICOM Revokes Nigeria Reinsurance Licence Over Minimum Capital Deficit appeared first on Business Today NG.

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