FG Queries NAICOM, Demands Response on Alleged Demand of N500 Million Shareholders’ Funds from NICON Insurance, Nigeria Reinsurance
• Orders Commission to halt enforcement of contested processing fees, 1% capital injection fee, full-capital escrow transfer directives Ndubuisi Francis and James Emejo in Abuja The federal government has queried
The Federal Government has directed the National Insurance Commission (NAICOM) to cease enforcing certain contested processing fees, a 1% capital injection fee, and directives requiring full-capital escrow transfers against NICON Insurance Limited and Nigeria Reinsurance Corporation. NAICOM must provide a detailed response and legal justification for the alleged demands, which include N500 million in shareholders' funds, N180 million in a questionable capitalisation charge, and a transfer of over 10% of the funds to the Central Bank of Nigeria.
The petition was filed by NICON and Nigeria Re, claiming NAICOM unlawfully demanded the additional funds and transfer as part of the ongoing recapitalisation of the insurance industry.
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