The Federal High Court in Abuja has ordered former directors of NICON Insurance Limited to disclose and account for the company’s assets, transactions and financial dealings covering the past seven years as part of measures to preserve its estate following liquidation.
The order was made in a petition marked FHC/ABJ/PET/18/2026 filed by Senior Advocate of Nigeria, Chukwuma-Machukwu Ume, who is the liquidator of NICON Insurance.
NICON, owned by the Federal Government, is undergoing liquidation by the National Insurance Commission (NAICOM) after failing to meet prescribed regulatory conditions for continued operation.
The court directed the affected directors to preserve company assets and prevented them from facilitating any unlawful disposal of NICON’s property or other resources.
They were also ordered to make comprehensive disclosures under oath before the Commissioner of Oaths of the Federal High Court, covering assets and transactions within their custody or control.
Those served with the order include former Managing Director/Chief Executive Officer Gbadebo Taiwo Oladejo and Company Secretary Arorote Williams.
Other directors listed 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 disclosure exercise covers 31 categories, including assets transferred or disposed of during the seven-year period and the company’s assets as of August 4, 2026.
The directors are required to provide details of NICON’s cash, bank balances, deposits, land, buildings, offices, branches, hotels, estates, warehouses, investment properties and properties under construction, among others.
The order also requires disclosure of Nigerian and foreign bank accounts, investment and securities accounts, foreign currency holdings and financial platforms controlled or beneficially owned by NICON, including accounts operated through nominees, trustees, subsidiaries, affiliates, custodians or agents.
For financial accounts, the disclosures are expected to include the relevant institutions, account details, currencies, balances, signatories or persons exercising control and the purpose of the accounts.
The directors must further provide information on NICON’s subsidiaries, associates, related entities and intercompany dealings, as well as policyholders and details of policies, premiums, outstanding premiums, unearned premiums and notified claims as of August 4.
The order extends to amounts owed to NICON, receivables, loans and advances, staff loans, director and shareholder loans, intercompany loans, secured and unsecured lending, deposits, rents and contractual and contingent receivables.
Ume has also sworn an affidavit and served it on the affected directors to facilitate compliance with the preservation and disclosure directives.
The court order requires the disclosures to be supported by relevant records, including board and management resolutions, bank documents, investment statements, title documents, transfer instruments, sale agreements and payment records.
The directors were also urged to cooperate with NAICOM and the Federal Government in efforts to address issues arising from the liquidation and strengthen the insurance sector.
Court orders NICON directors to account for seven years of transactions
