Court asks head of directors to give account of NICON Insurance

The Federal High Court sitting in Abuja has asked the head of Directors NICON Insurance Limited (In-Liquidation) in the last seven years to give account of their roles in the bid to preserve the company assets.

Against the backdrop, the Receiver/Liquidator of NICON Insurance Limited (In-Liquidation) has served affidavit of compliance with the order of Court made on 27 August 2026 on them.

The head of Directors of NICON Insurance Limited ( In-Liquidation) served with the Court order includes the Managing Director/Chief Executive Officer, NICON Insurance Limited (In-Liquidation) Gbadebo Taiwo Oladejo and Arorote Williams the Secretary, NICON Insurance Limited (In-Liquidation)

Others are Apata Abayomi Olorunmbe, Abah Simon Joe, Ibrahim Abdulkarim Ozi, .Michael Magagi, Tawose Olufolake Bolanle, Okoh Alex, Ibrahim Jimoh CFR,

The head of Directors served with the Court order also includes Dahiru Modibbo Ahmed, Ojo Stephen Abiodun, Arowoyele Segun and Dikko Lamis Shehu.

The preservation order by the Court arose from a PETITION marked NO: FHC/ABJ/PET/18/2026 filed by Chukwuma-Machukwu Ume SAN the Receiver/Liquidator of NICON INSURANCE LIMITED (IN-LIQUIDATION) following an application for the winding up the company that is fixed September 21 for hearing.

The Court order had restrained the Directors from allowing assets of NICON Insurance Limited (In-Liquidation) dissipation and they are each demanded to make comprehensive disclosure of the company’s assets under oath before the Commissioner of Oath Federal High Court.

It stated: “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 letter.”

In addition, note that “the disclosures on oath shall be accompanied by all relevant supporting documents, including Board/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,” the Receiver /Liquidator advised.

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.

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; claims notified.

They are also to disclose with particulars
debts owed to 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 several others