Court Orders Former NICON Insurance Directors to Account for Company Assets in Liquidation
The Federal High Court, Abuja Division, has taken decisive steps to safeguard the estate of NICON Insurance Limited (In-Liquidation). In a preservation order issued by Justice Chigozie Onah, the court directed that 13 former directors of the company be served with its ruling, compelling them to account for their stewardship over the past seven years.
The order arose from a petition (FHC/ABJ/PET/18/2026) filed by the Receiver/Liquidator, Mr. Chukwuma-Machukwu Ume, SAN, seeking to formally wind up the company following the revocation of its operating licence.
The court specifically restrained the directors from dissipating or alienating NICON’s assets, including properties, investments, bank accounts, records, and proprietary interests. Each director is required to make sworn disclosures before the Commissioner of Oaths, supported by documentary evidence such as board resolutions, bank statements, title documents, and investment records.
An affidavit of compliance before the court indicated that those served with the preservation order included the Managing Director/Chief Executive Officer of the company, Gbadebo Taiwo Oladejo, as well as the Secretary, Arorote Williams.
Others are Apata Abayomi Olorunmbe, Abah Simon Joe, Ibrahim Abdulkarim Ozi, Michael Magagi, Tawose Olufolake Bolanle, Okoh Alex, Ibrahim Jimoh, Dahiru Modibbo Ahmed, Ojo Stephen Abiodun, Arowoyele Segun, and Dikko Lamis Shehu.
The court order restrained the directors from allowing the dissipation of the assets of NICON Insurance Limited (In-Liquidation), with each of them required to make a comprehensive disclosure of the company’s assets under oath before the Commissioner of Oaths at the court.
According to the order, as members of the former board of directors of the company, those served with the court document “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 that you, in utmost good faith, co-operate with NAICOM and the Federal Government in their efforts to sanitize the insurance sector,” the Receiver/Liquidator added in a letter attached to the court order.
Meanwhile, in line with the court order, the directors are mandated to make disclosures under about 31 subheads, including assets transferred or otherwise disposed of during the past seven years.
They are also to provide a full and complete 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 complete details 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 disclosure of subsidiaries, associates, related entities, and intercompany dealings.
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; and contingent receivables, among others.
