The Federal High Court in Abuja has ordered Head of Directors of the National Insurance Corporation of Nigeria, NICON, to give account of their roles in the liquidated company in the past seven years to the liquidator as part of the bid to preserve the company’s assets.
The preservation order by the court arose from a petition marked: FHC/ABJ/PET/18/2026 filed by a Senior Advocate of Nigeria, SAN, Chukwuma-Machukwu Ume, who is the liquidator of country’s biggest insurance firm.
NICON owned by the Federal Government is being liquidated by the Insurance Regulatory Commission following its inability to meet prescribed conditions to exist.
To ensure compliance with the order of the court, Ume in his capacity as the undertaker of the collapsed insurance firm,
has deposed to an affidavit and served same on the affected Head of Directors to ensure prompt compliance.
The Heads of Directors served with the Court order are the Managing Director/Chief Executive Officer, Mr Gbadebo Taiwo Oladejo and Arorote Williams the Company Secretary.
Others are Apata Abayomi Olorunmbe, Abah Simon Joe, Ibrahim Abdulkarim Ozi, .Michael Magagi, Tawose Olufolake Bolanle, Okoh Alex and Ibrahim Jimoh.
The rest are Dahiru Modibbo Ahmed, Ojo Stephen Abiodun, Arowoyele Segun and Dikko Lamis Shehu.
The court order restrained the directors from allowing assets of NICON Insurance Limited to be unlawfully disposed off while they are to make comprehensive disclosure of the assets under oath before the Commissioner of Oath Federal High Court.
The court order read in part: “Accordingly, as you were a respected member of the former Board of Directors of the Company, you are required to preserve the Company’s estate and account for all Company assets, vehicles, air and sea vessels, funds, investments, properties, securities, records and transactions within your custody or control.
“As the then Chairman of the Board, you are particularly required to disclose matters concerning Board decisions, resolutions, approvals, authorizations, investments, asset transfers or disposals, banking arrangements and other material dealings of the Company.
“You are hereby required to complete on Oath the Assets, Accounts and Transactions Disclosure Schedule which forms an integral part of this.”
“In addition, note that the disclosures on oath shall be accompanied by all relevant supporting documents, including Board and Management resolutions, bank records, investment statements, title documents, transfer instruments, sale agreements, payment records and other materials relating to the matters disclosed.
“It is important you in utmost good faith co-operate with NAICOM and the Federal Government in their efforts to sanitize the Insurance Sector.”
According to schedule of all the assets, accounts and transactions disclosure of NICON Insurance Limited (In-Liquidation) the directors are mandated to make disclosure on about 31 subheads including assets transferred or otherwise disposed off during the last seven years.
“Provide a full and complete details schedule of every asset, property, investment, share, security, fund, receivable, contractual right, proprietary interest or other economic resource belonging to NICON Insurance Limited (In-Liquidation) which, since the preceding Seven (7) years, was:
“Provide a complete detail of all assets and proprietary interests of the Company as at 4th August 2026, including: cash; bank balances; deposits; land; buildings;
offices; etc.
“Disclose all NICON Insurance Limited (In-Liquidation) developed and undeveloped land; residential, commercial and industrial buildings; offices and branches; hotels; estates warehouses;
investment properties; properties under construction;abandoned or vacant properties; properties occupied by third parties; leased properties etc.
“Disclose every Nigerian bank account or financial account operated, controlled or beneficially owned by the Company, including dormant, closed, undisclosed or off-book accounts.
“Disclose all foreign bank accounts;
investment accounts; securities accounts;
deposits; wallets;funds;financial platforms;
foreign currency holdings; treasury arrangements; and accounts held through nominees, trustees, subsidiaries, affiliates, custodians or agents for the benefit of the Company. Provide country, institution, account details, currency, balance, signatories/control persons and purpose,” the court order added.
Others include the disclosure of subsidiaries, associates, related entities and intercompany dealing, policyholders as at 4 August 2026; policy numbers; classes/types of policies; insured persons/entities; premiums received; outstanding premiums;
unearned premiums and claims notified.
They are also to disclose with particulars,
debts owed the company; receivables;
loans; advances; staff loans; director, shareholder loans; intercompany loans;
secured and unsecured lending; deposits;
outstanding premiums; rents; contractual receivables; contingent receivables, among others.
