Court Orders NICON Directors to Account for Assets

The Federal High Court in Abuja has ordered the Head of Directors of the National Insurance Corporation of Nigeria (NICON) to provide a comprehensive account of their roles in the company over the past seven years to the liquidator, Chukwuma-Machukwu Ume, a Senior Advocate of Nigeria. This order is part of the liquidation process initiated by the Insurance Regulatory Commission due to NICON's failure to meet operational requirements.

The court's preservation order prohibits the directors, including Managing Director/CEO Gbadebo Taiwo Oladejo and Company Secretary Arorote Williams, from unlawfully disposing of NICON's assets. They are required to disclose all assets, transactions, and relevant documents under oath to the Commissioner of Oath at the Federal High Court.

The disclosure must cover approximately 31 subheads, including asset transfers and banking arrangements, to assist in the sanitization of the insurance sector.