Standard Alliance Insurance Sues NAICOM Over Licence Cancellation

The National Insurance Commission has been dragged to the Federal High Court in Lagos by the Standard Alliance Insurance Plc over the cancellation of its operating licence.

Allnews Nigeria previously reported that insurance firm's  operating licence was revoked in June this year

Punch reports that in a summon taken by Omotayo Olatunbosun of Kunle Adegoke & Co of 1 Abiodun Famodimu Close, GRA Ikeja, Lagos, dated August 2022, the firm sought the reversal of NAICOM’s decision.

It sought the prayer of the court on “a declaration that the purported notice of cancellation of registration of Standard Alliance Plc issued by the 1st defendant dated the 21st day of June 2022 is a nullity ab initio.

“A declaration that all the actions of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc is a nullity and, therefore void.

“A declaration that all the actions of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc is a nullity and therefore void.”

According to the documents, Standard Alliance said it had notified NAICOM of investors who were ready to stabilise the capital of the company by providing equity of $8 million which was about N4.5 billion.