The Federal High Court in Abuja has ordered that 13 former directors of NICON Insurance Limited be served with a preservation order requiring them to account for the company’s assets, transactions and other proprietary interests as liquidation proceedings continue following the cancellation of the insurer’s operating licence.
The order was made in a petition marked FHC/ABJ/PET/18/2026, filed by the Receiver/Liquidator of NICON Insurance Limited, Mr. Chukwuma-Machukwu Ume, SAN, who is seeking the formal winding up of the company.
Justice Chigozie Onah had earlier fixed September 21, 2026, for proceedings on the petition.
Pending the hearing and determination of the matter, the court ordered that NICON Insurance’s assets, properties, investments, bank accounts, books, records, documents and other proprietary interests be preserved and protected against any disposition, dissipation, alienation, encumbrance or other dealing inconsistent with the statutory functions of the Receiver/Provisional Liquidator and the interests of policyholders, creditors and other stakeholders.
An affidavit of compliance filed before the court showed that the order had been served on 13 former directors and officers of the company, including its Managing Director/Chief Executive Officer, Gbadebo Taiwo Oladejo, and Secretary, Arorote Williams.
Others listed as having been served 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.
Under the order, the affected former directors are restrained from allowing the dissipation of NICON Insurance’s assets and are required to make comprehensive disclosures, under oath, of assets within their custody or control.
They are expected to account for the company’s assets, vehicles, air and sea vessels, funds, investments, properties, securities, records and transactions.
The order further requires disclosure of board decisions, resolutions, approvals, authorisations, investments, asset transfers or disposals, banking arrangements and other material dealings involving the company.
The former directors are also required to complete an Assets, Accounts and Transactions Disclosure Schedule on oath and support their disclosures with relevant documents, including board and management resolutions, bank records, investment statements, title documents, transfer instruments, sale agreements and payment records.
The Receiver/Liquidator, in a letter accompanying the court order, urged the affected persons to cooperate with the National Insurance Commission and the Federal Government in efforts to reorganise and sanitise the insurance sector.
The court-directed disclosure exercise covers about 31 categories and extends to assets transferred or otherwise disposed of during the preceding seven years.
Among other things, the former directors are required to provide a complete schedule of NICON Insurance’s assets and proprietary interests as of August 4, 2026, including cash, bank balances, deposits, land, buildings, offices and other economic resources.
The disclosure extends to Nigerian bank accounts, including dormant, closed, undisclosed or off-book accounts, as well as foreign bank accounts, investment and securities accounts, deposits, foreign currency holdings and funds held through nominees, trustees, subsidiaries, affiliates, custodians or agents for the benefit of the company.
The disclosure extends to Nigerian bank accounts, including dormant, closed, undisclosed or off-book accounts, as well as foreign bank accounts, investment and securities accounts, deposits, foreign currency holdings and funds held through nominees, trustees, subsidiaries, affiliates, custodians or agents for the benefit of the company.
Details of subsidiaries, associated entities and intercompany transactions are also to be supplied.
In addition, the affected persons are to disclose debts owed to NICON Insurance, receivables, loans, advances, staff loans, director or shareholder loans, intercompany loans, deposits, outstanding premiums, rents and other contractual or contingent receivables.