Court orders NICON Insurance Head of Directors to give seven years account to liquidator

The Federal High Court in Abuja has mandated the former Heads of Directors of the National Insurance Corporation of Nigeria (NICON) to provide a detailed account of their responsibilities in the now liquidated company over a period of seven years, as part of a preservation order. The order, prompted by a petition filed by the liquidator of the insurance giant, Senior Advocate of Nigeria, Chukwuma-Machukwu Ume, requires the directors to disclose the company's assets, investments, properties, securities, records, and transactions under oath.

NICON, owned by the Federal Government, is currently undergoing liquidation by the Insurance Regulatory Commission due to its failure to meet prescribed conditions. The affected directors include Mr. Gbadebo Taiwo Oladejo, Arorote Williams, Apata Abayomi Olorunmbe, Abah Simon Joe, Ibrahim Abdulkarim Ozi, Michael Magagi, Tawose Olufolake Bolanle, Okoh Alex, and Ibrahim Jimoh, among others.

The court order also restrains the directors from unlawfully disposing of NICON's assets while they are required to provide a comprehensive disclosure of all assets, accounts, and transactions before the Federal High Court Commissioner. The directors are tasked with filling out an Assets, Accounts and Transactions Disclosure Schedule, which covers various subheads, including assets transferred, properties, investments, shares, securities, funds, receivables, contractual rights, proprietary interests, and other economic resources belonging to the company over the past seven years.