Court fixes Sept 21 to hear motion for winding up of NICON Insurance
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 regulatory basis for NICON to continue operating as an insurance company.
By Ikechukwu Nnochiri ABUJA— The Federal High Court in Abuja has slated September 21 to hear a petition seeking to formally wind up NICON Insurance Limited following the cancellation of its operating licence.
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.
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