The National Insurance Commission (NAICOM) has petitioned the Inspector General of Police regarding allegations of asset stripping at Niger Insurance.
The regulator's move marks a sharp escalation in its dispute with the insurer's management, which NAICOM has publicly dismissed as unfounded.
The petition signals a potential shift from administrative oversight to criminal investigation, raising questions about the stability of the insurer's balance sheet and its ability to meet policyholder obligations.
This development occurs against a backdrop of intensified regulatory scrutiny across Nigeria's financial sector.
The Nigeria Deposit Insurance Corporation (NDIC) recently initiated the takeover of assets from 46 microfinance banks following the revocation of their operating licenses by the Central Bank of Nigeria.
These coordinated actions suggest a broader drive by authorities to clean up weak institutions and protect depositors and policyholders from mismanagement.