Court orders ex-NICON directors to disclose seven-year transactions - Punch Newspapers

The Federal High Court in Abuja has ordered former directors of NICON Insurance Limited to provide a seven-year account of the company’s assets, transactions and financial dealings to its liquidator. The order was issued 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, owned by the Federal Government, is undergoing liquidation following regulatory action by the National Insurance Commission over its failure to meet prescribed requirements for continued operation. Under the court order, the former directors are required to preserve the company’s assets and provide sworn disclosures covering their roles in the management and disposition of NICON’s assets over the past seven years. The directors served with the order include 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 order restrains the affected directors from facilitating or permitting the unlawful disposal of NICON’s assets and requires them to make comprehensive disclosures under oath before a Commissioner for Oaths of the Federal High Court. The disclosures are expected to cover decisions and actions taken during their tenure, including board resolutions, approvals, investments, asset transfers and disposals, banking arrangements and other material transactions involving the company. The court also directed that the disclosures be supported with relevant documents, including board and management resolutions, bank records, investment statements, title documents, transfer instruments, sale agreements and payment records. Police probe VIO, Okada riders’ clash in Abuja Oyo abduction: Victims drank dirty water, ate rice without salt — Witness Leaving political office must not end public service — First Lady A key component of the disclosure schedule requires the former directors to provide details of assets that were transferred, sold or otherwise disposed of during the seven years preceding the liquidation process. They are also required to provide a complete inventory of NICON’s assets as of 4 August, 2026, including cash, bank balances, deposits, land, buildings and other properties. The disclosure extends to developed and undeveloped land, residential, commercial and industrial properties, offices, branches, hotels, estates, warehouses, investment properties, properties under construction, abandoned or vacant properties, leased properties and assets occupied by third parties. The former directors are further required to disclose all Nigerian bank and financial accounts operated, controlled or beneficially owned by NICON, including dormant, closed, undisclosed and off-book accounts. Foreign financial holdings must also be disclosed, including overseas bank accounts, investment and securities accounts, deposits, digital wallets, funds, foreign currency holdings and treasury arrangements. The order requires details such as the country and financial institution involved, account information, currency, balances, signatories, persons exercising control and the purpose of each account. The disclosure exercise also covers NICON’s subsidiaries, associates, related entities and intercompany transactions. The former directors are required to provide information on the company’s policyholders as of 4 August, 2026, including policy numbers, classes of policies, insured persons or entities, premiums received, outstanding premiums, unearned premiums and notified claims. In addition, they must disclose debts owed to NICON, receivables, loans and advances, staff loans, director and shareholder loans, intercompany lending, secured and unsecured facilities, deposits, outstanding premiums, rental income and contractual and contingent receivables. Odinaka Anudu

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