Federal High Court Abuja
The Federal High Court Abuja has fixed September 21, 2026 for the hearing of a Petition for winding-Up of NICON Insurance Limited.
The petition was filed by the Receiver/Liquidator of NICON Insurance limited ( in – liquidation) Chukwuma -Machukwu Ume ,SAN, who is seeking an order of the Court to wind up the company following the cancellations of operating licence of NICON Insurance Limited
The Court , presided over by Justice Chigozie Sergius Onah, granted leave for the Petition No. FHC/AB3/PET/18/2026 (for the Winding-Up of NICON INSURANCE LIMITED (INLIQUIDATION), presented on 12™ August, 2026 by the Petitioner/Applicant as Receiver/Provisional Liquidator of the Respondent Company and for the petition to be listed , and be heard and determined at the earliest convenient date during the ongoing 2026 Annual Vacation of this Honourable Court.
Justice Chigozie Sergius Onah who heard the motion also ” made an order directing that the assets, properties, investments, bank accounts, books, records, documents, and other proprietary interests of NICON INSURANCE LIMITED (IN-LIQUIDATION) 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. “
Upon the order , the Receiver/ Liquidator had since placed public notices on national dailies informing stakeholders ,banks financial institutions, regulatory bodies and general public about the on going NICON Insurance Limited (in -Liquidation).
The winding-up petition, filed on August 12, is predicated on the cancellation of NICON’s insurance licence by the National Insurance Commission (NAICOM) on August 3, 2026.
According to the petition, NICON failed, refused or was unable to recapitalise in accordance with the Nigerian Insurance Industry Reform Act, 2025, and the minimum capital requirements prescribed by NAICOM.
Ume, who was appointed Receiver/Provisional Liquidator by NAICOM on August 4, told the court that the cancellation of the licence had removed the regulatory basis for NICON to continue operating as an insurance company.
He argued that the winding-up was not founded merely on an allegation of insolvency but on the statutory regime governing an insurance company whose licence had been cancelled.
The petition stated that NICON has hundreds of thousands of policyholders, while its creditors include banks, vendors and contractors with liabilities running into hundreds of billions of naira.
Ume therefore urged the court to place the company’s affairs under the statutory winding-up machinery to ensure that its assets are collected, realised, administered and distributed according to the applicable legal priorities.
He is also asking 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.
The petitioner further wants the court to direct that statutory priorities applicable to failed insurance operators under the Nigerian Insurance Industry Reform Act be observed in settling and distributing the company’s estate.
The petition relies on Sections 110 and 111 of the Nigerian Insurance Industry Reform Act, 2025, as well as relevant provisions of the Companies and Allied Matters Act, 2020.
Under the grounds presented to the court, Ume argued that NICON’s licence cancellation constituted the cessation of a condition precedent to its continued operation as an insurer.
He also invoked the court’s power to wind up a company where it considers it “just and equitable” to do so, citing the regulatory intervention, cancellation of the licence, receivership and the need for an orderly administration of the company’s estate.
The petitioner had since complied with the August 27 order of the court that directed the petition be served and advertised in accordance with the Companies Winding-Up Rules.
Justice Onah adjourned the matter until September 21, 2026, for hearing of the winding-up petition.
