The Federal High Court in Abuja has fixed September 21, 2026, for the hearing of a petition seeking the formal winding up of NICON Insurance Limited following the cancellation of the company’s operating licence by the National Insurance Commission.
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
Justice Chigozie Onah, while adjourning the matter for hearing, also ordered that the assets, properties, investments, bank accounts, books, records, documents and other proprietary interests of NICON Insurance be preserved pending the determination of the petition.
The court specifically restrained any disposition, dissipation, alienation, encumbrance or other dealing with the company’s assets that would be inconsistent with the statutory functions of the Receiver/Provisional Liquidator or prejudicial to the interests of policyholders, creditors and other stakeholders.
The petition, marked FHC/ABJ/PET/18/2026, was filed by the Receiver/Liquidator of NICON Insurance Limited, Mr Chukwuma-Machukwu Ume, SAN.
The court also granted leave for the petition to be listed, heard and determined during its ongoing annual vacation, allowing the proceedings to continue without waiting for the commencement of the new legal year.
Following the order, the Receiver/Liquidator has placed public notices in national newspapers informing policyholders, creditors, banks, financial institutions, regulatory agencies and members of the public of the ongoing liquidation proceedings.
The winding-up petition was filed on August 12, 2026, after NAICOM cancelled NICON Insurance’s licence on August 3.
According to the petition, the regulatory action followed NICON’s alleged failure, refusal or inability to recapitalise in compliance with the Nigerian Insurance Industry Reform Act, 2025, and the minimum capital requirements prescribed by NAICOM.
Ume, SAN, who was appointed Receiver/Provisional Liquidator by NAICOM on August 4, told the court that the cancellation of the licence had removed the statutory and regulatory basis upon which NICON could continue operating as an insurance company.
He argued that the petition was not based merely on an allegation that the company was insolvent, but on the statutory consequences that follow the cancellation of an insurer’s operating licence.
The Receiver/Liquidator told the court that NICON has hundreds of thousands of policyholders, while its creditors include banks, vendors and contractors, with liabilities said to run into hundreds of billions of naira.
He consequently asked the court to place the company under the statutory winding-up process so that its assets could be identified, collected, realised, administered and distributed in accordance with the applicable legal priorities.
Ume is also asking the court to confirm his appointment as liquidator and to direct NICON’s directors, officers and agents to surrender the company’s books, records, assets, statements of affairs and other information required for the liquidation exercise.
The petitioner further wants the court to order that the statutory priorities applicable to failed insurance companies under the Nigerian Insurance Industry Reform Act be observed in settling claims and distributing the company’s estate.
The petition relies on Sections 110 and 111 of the Nigerian Insurance Industry Reform Act, 2025, alongside relevant provisions of the Companies and Allied Matters Act, 2020.
Among the grounds placed before the court is the contention that the cancellation of NICON’s licence amounted to the cessation of a condition precedent for its continued operation as an insurer.
Ume also invoked the court’s power to wind up a company where it is considered “just and equitable” to do so, pointing to the regulatory intervention, licence cancellation, receivership and the need for an orderly administration of NICON’s assets and liabilities.
The court has not yet determined the winding-up petition on the merits. For now, its order is to preserve the company’s assets and maintain the status quo pending the September 21 hearing.
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
_______________________________________________________________________
“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
