SIGA refutes claims of directing SOEs to prioritise SIC insurers

The State Interests and Governance Authority (SIGA) has dismissed claims that it instructed state-owned enterprises (SOEs) to channel all insurance business to SIC Insurance PLC and SIC Life Company Limited.

In an interview with Joy FM, SIGA Director-General Michael Kpessa-Whyte clarified that the correspondence referenced by IMANI Africa was intended to ensure that the two state insurers are included in competitive bidding processes, not to grant them exclusive rights.

He noted that an earlier letter—reportedly not captured in the think tank’s publication—advised heads of selected institutions to involve SIC and SIC Life in tender processes rather than concentrate business solely with them.

According to him, SIGA later convened a meeting with the state insurers and private industry players to clarify its position. He said the engagement resolved concerns, with all parties gaining a clear understanding of the directive.

Mr. Kpessa-Whyte also suggested that some private insurers may have misinterpreted or misrepresented the contents of the letters, adding that SIGA plans to publicly name any entities found to have done so.

He reiterated that the Authority’s role is to protect state interests, promote fair competition, and ensure value retention within state-owned enterprises.