FHC Abuja Issues Interim Order Restraining AMCON from Taking Over NICON Insurance, Nigeria Re

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Friday, July 30, 2021   /07:07 PM / Proshare Research/ Header Image Credit: Legal Info


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A Federal High Court sitting in Abuja has issued an interim order restraining the Asset Management Corporation of Nigeria (AMCON) from taking over the board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

 

The presiding judge, Justice A.R. Mohammed in the case with the Suit No: FHC/ABJ/CS/760/2021 ordered as follows;

  1. AN INTERIM ORDER is hereby made restraining AMCON and/or its agents and privies from taking any further steps with regards to or in pursuance of the purported reconstitution and appointment of the new persons into the Board and management of NICON and Nigeria Re respectively, including entering into the premises of the two said companies, performing any function of the Board and Management and/or in any way interfering in the affairs of the companies.

 

  1. AN ORDER is made setting down the instant suit for accelerated hearing.

 

  1. The Interim Order shall last for 14 days only in order to preserve the res and enable the Court take the Motion on Notice for interlocutory order of injunction.

 

  1. IT IS ALSO ORDERED that the Defendants be served with all the processes filed in this suit together with the attached exhibits so that the Defendants can clearly see the allegations of the Plaintiffs against them.

5. The Plaintiffs shall file a written undertaking to indemnify the Defendants In damages if  the interim orders ought not to have been made or even applied for.

 

6. Hearing notices to issue on all the Defendants.

 

7. These Orders are made pursuant to the provisions of Order 26 rule 8 (a) and Order 28 rules 1 (2), (3) and 2 (1) and Order 56 rule 1, all of the Federal High Court (Civil Procedure) Rules, 2019.

 

8 This suit is adjourned to 16" day of August,2021 for hearing of the Plaintiffs' Motion on Notice for interlocutory Orders of injunction.

 

 

It will be recalled that AMCON, earlier in the week, issued a press release notifying that the National Insurance Commission (NAICOM) has approved a new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re) as the change is to enhance the smooth running, efficient and effective management of the two firms.

 

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4.     (PDF) NPLs & Bad Debtors: - The Case for a New Industry Approach - Debtors Africa, May 13, 2020

5.     AMCON and Financial Services Debt Burden in Nigeria Aug 17, 2018

6.     (PDF) - Coronanomics and the Nigerian Economy - Jun 06, 2020 



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