Standard Alliance Insurance Plc has brought the insurance sector regulator, the National Insurance Commission, to the Federal Supreme Court in Lagos over the revocation of its operating licence.
The insurance company, whose operating license was revoked in June this year, made this known in documents made available to: The Punch.
In a subpoena from Omotayo Olatunbosun of Kunle Adegoke & Co of 1 Abiodun Famodimu Close, GRA Ikeja, Lagos, dated August 2022, the company requested that NAICOM’s decision be reversed.
It asked the court’s prayers for “a statement that the alleged cancellation notice of the registration of Standard Alliance Plc issued by the 1st defendant dated 21 June 2022 is a nullity ab initio.
“A statement that all acts of the 2nd defendant since his appointment as receiver/liquidator of Standard Alliance Insurance Plc are null and void.
“A statement that all acts of the 2nd Defendant since his appointment as trustee/liquidator of Standard Alliance Insurance Plc are null and void.”
According to the documents, Standard Alliance said it had informed NAICOM of investors ready to stabilize the company’s capital by providing equity of $8 million, which was approximately N4.5 billion.
The company also said it had appealed to the Minister of Finance, Budget and Planning to intervene but had received no response before the operating license was revoked.
It is recalled that in June NACOM canceled the registration certificates of Niger Insurance Plc and Standard Alliance Insurance Plc.
It said in a statement: “This is to notify all insurance industry stakeholders and the public that the National Insurance Commission has issued the registration certificates of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from from June 21, 2022.
“Therefore, the Committee has appointed Sanya, Ogunkuade Esq of Lot 217, Upper Grace Plaza, 3rd Floor (left wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the receiver/liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as trustee/liquidator for Standard Alliance Insurance Plc.”
However, NAICOM had not yet commented on the new development at the time of completing this report.