The Federal High Court in Abuja has ordered former directors of NICON Insurance Limited to account for the company’s assets, transactions and financial dealings over a seven-year period as part of its ongoing 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 acting as liquidator of the insurance company.
NICON Insurance, which is owned by the Federal Government, is undergoing liquidation following regulatory action by the National Insurance Commission over its failure to satisfy requirements for continued operation.
Under the court’s directive, the former directors must preserve the company’s assets and provide sworn statements detailing their roles in the management, transfer and disposal of NICON’s assets during the seven years preceding the liquidation.
Those named in the order include the company’s former Managing Director/Chief Executive Officer, Gbadebo Oladejo, and Company Secretary, Arorote Williams.
Others are Apata Abayomi Olorunmbe, Abah Simon, Ibrahim Ozi, Michael Magagi, Tawose Ahmed, Ojo Stephen Abiodun, Arowoyele Segun and Dikko Shehu.
The affected directors have also been restrained from facilitating or permitting the unlawful disposal of the company’s assets. The court directed them to make the required disclosures on oath before a Commissioner for Oaths of the Federal High Court.
The disclosures are to cover decisions and actions taken during their respective tenures, including board resolutions, approvals, investments, asset transfers and disposals, banking arrangements and other significant transactions involving NICON.
The court further ordered that the disclosures be accompanied by supporting documentation. These include board and management resolutions, bank records, investment statements, title documents, transfer instruments, sale agreements and evidence of payments.
Assets and financial accounts
A major part of the disclosure exercise concerns assets transferred, sold or otherwise disposed of during the seven years preceding the liquidation process.
The former directors are also required to submit a comprehensive inventory of NICON’s assets as at 4 August 2026, covering cash holdings, bank balances, deposits, land, buildings and other properties.
The inventory is to include developed and undeveloped land, residential, commercial and industrial properties, offices, branches, hotels, estates, warehouses, investment properties, properties under construction, abandoned or vacant premises, leased properties and assets occupied by third parties.
The order also requires details of all Nigerian bank and financial accounts operated, controlled or beneficially owned by NICON, including dormant, closed, undisclosed and off-book accounts.
The former directors must equally disclose any foreign financial holdings linked to the company, including overseas bank accounts, investment and securities accounts, deposits, digital wallets, funds, foreign currency holdings and treasury arrangements.
For each account or financial holding, the disclosures are expected to state the country and financial institution, account details, currency, balances, signatories, individuals exercising control and the purpose of the account.
Subsidiaries and policyholders
The court’s directive extends to NICON’s subsidiaries, associates, related entities and transactions between the company and those entities.
The former directors are also required to provide information on NICON’s policyholders as at 4 August 2026. The information is to include policy numbers, classes of insurance policies, insured persons or entities, premiums received, outstanding and unearned premiums, as well as notified claims.
In addition, the directors must account for money owed to NICON and other receivables, including loans and advances, staff loans, loans involving directors or shareholders, intercompany lending, secured and unsecured facilities, deposits, outstanding premiums, rental income and contractual and contingent receivables.
