The Federal High Court in Abuja has fixed September 21, 2026, to hear a petition seeking the winding up of NICON Insurance Limited following the cancellation of the company’s operating licence.
Justice Chigozie Onah fixed the date after granting leave for the winding-up petition to be heard during the court’s ongoing annual vacation.
The judge also ordered that NICON’s assets, properties, investments, bank accounts, books, records, documents and other proprietary interests be preserved pending the hearing and determination of the petition.
The order is aimed at preventing any disposal, dissipation, alienation or encumbrance of the company’s assets contrary to the statutory duties of the Receiver/Provisional Liquidator and the interests of policyholders, creditors and other stakeholders.
The petition, marked FHC/ABJ/PET/18/2026, was filed on August 12 by the Receiver/Liquidator of NICON Insurance Limited, Chukwuma-Machukwu Ume, SAN.
The case followed the cancellation of NICON’s insurance licence by the National Insurance Commission on August 3, 2026.
According to the petition, NICON failed, refused or was unable to meet the recapitalisation requirements prescribed under the Nigerian Insurance Industry Reform Act, 2025, and the minimum capital requirements set by NAICOM.
Ume, who was appointed Receiver/Provisional Liquidator by NAICOM on August 4, told the court that the cancellation of the company’s licence removed the regulatory basis for its continued operation as an insurance company.
He argued that the winding-up petition was not based solely on an allegation of insolvency but on the statutory framework governing insurance companies whose licences have been cancelled.
The petitioner stated that NICON has hundreds of thousands of policyholders, while its creditors include banks, vendors and contractors whose liabilities run into hundreds of billions of naira.
Ume urged the court to subject NICON’s affairs to the statutory winding-up process to ensure that its assets are properly collected, realised, administered and distributed in line with applicable legal priorities.
He is also seeking an order confirming his appointment as liquidator and directing NICON’s directors, officers and agents to surrender the company’s books, records, assets, statements of affairs and other information required by law.
The petitioner further asked the court to direct that statutory priorities governing failed insurance companies under the Nigerian Insurance Industry Reform Act be observed in the settlement and distribution of NICON’s estate.
The Receiver/Liquidator has since published notices in national newspapers informing NICON’s policyholders, creditors, banks, financial institutions, regulatory bodies and the general public of the ongoing liquidation proceedings.
The matter will come up for hearing on September 21.