Court to Hear NICON Insurance Winding-Up Petition September 21

By Aduragbemi Omiyale

The hearing of the winding-up petition regarding NICON Insurance Limited has been fixed for Monday, September 21, 2026, by Justice Chigozie Sergius Onah of the Federal High Court sitting in Abuja.

The petition was filed by the company’s Receiver/Liquidator, Ume Chukwuma-Machukwu (SAN), who was appointed by the National Insurance Commission (NAICOM), following the revocation of the insurer’s operating licence on August 3, 2026.

This action was taken by the regulator after NICON Insurance could not meet the new minimum capital requirements in accordance with the Nigerian Insurance Industry Reform Act, 2025.

In the petition, FHC/AB3/PET/18/2026 (for the Winding-up of NICON Insurance Limited, presented on August 12, 2026, the receiver asked the court to confirm his appointment as the liquidator and order NICON’s directors, officers and agents to surrender the company’s books, records, assets, statements of affairs and other information required by law.

He also prayed the court to place the company’s affairs under the statutory winding-up machinery to ensure its assets are collected, realised, administered and distributed according to the applicable legal priorities.

The legal practitioner also sought an order directing that statutory priorities applicable to failed insurance operators under the Nigerian Insurance Industry Reform Act (NIIRA) be observed in settling and distributing the company’s estate, pointing out that his petition relies on Sections 110 and 111 of NIIRA 2025 as well as relevant provisions of the Companies and Allied Matters Act (CAMA), 2020.

Justice Onah, after hearing the motion, directed on August 27, 2026, that “the assets, properties, investments, bank accounts, books, records, documents, and other proprietary interests of NICON Insurance Limited be preserved and protected from any disposition, dissipation, alienation, encumbrance or dealing inconsistent with the statutory functions of the Receiver/Provisional Liquidation and the interests of policyholders, creditors and other stakeholders pending the hearing and determination of the petition.”