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SEC to withdraw licence of Leadway Assurance, LASACO, 155 other insurance companies

The regulator accused the firms of failing to render statutory returns.

• November 11, 2020
Leadway Assurance office, Abuja
Leadway Assurance office, Abuja

Nigeria’s foremost insurance service companies Leadway Assurance Co. Ltd., and LASACO Assurance Plc have been penciled for deregistration by the Securities and Exchange Commission (SEC).

The Nigerian capital market regulator accused the insurance firms and 155 other operators it termed “inactive” of failing to render their statutory returns to the commission.

A notice issued on SEC website Tuesday directed the affected CMOs to “submit presentations to the Commission, on or before 30th November, 2020, why their registration should not be cancelled.”

The commission, which is supervised by the Federal Ministry of Finance noted that the operators may have defaulted in filing their annual returns due to capital erosion or policy somersault in the financial sector.

Capital market operators are mandated to render their statutory returns to SEC, in order to keep the regulator abreast of their active operation.

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