⚖️ Court Halts Lawmakers’ Push to Grill Insurance CEOs Over ₦98.4bn Alleged Debt
The Federal High Court in Abuja has stepped in to stop a major showdown between Nigeria’s lawmakers and the insurance industry.
️ On Monday, Justice Emeka Nwite issued an order restraining the House of Representatives from compelling the chief executives of 17 insurance companies to appear before its Committee on Capital Market and Institutions.
The House had summoned the CEOs for a July 21, 2025 hearing over alleged non-remittance of about ₦98.4 billion to the Federal Government. Lawmakers also directed the companies to submit operational records for scrutiny.
The Companies Involved
The insurers affected include some of the sector’s biggest names:
• Regency Alliance Plc
• Coronation Insurance Plc
• Linkage Assurance Plc
• Guinea Insurance Plc
• Veritas Kapital Assurance Plc
• LASACO Plc
• Universal Insurance Plc
• Sovereign Trust Insurance Plc
• Alico Insurance Plc
• AXA Mansard Insurance Plc
• Cornerstone Insurance Plc
• NEM Insurance Plc
• Mutual Benefits Assurance Plc
• International Energy Insurance Plc
• Consolidated Hallmark Insurance Plc
• SUNU Assurances Nigeria Plc
• Staco Insurance Plc
️ The Insurance Firms’ Defence
Through their lawyer, Prof. Taiwo Osipitan (SAN), the companies argued that:
• Their operations are already under the supervision of statutory regulators like NAICOM, CAC, and FIRS.
• ⚖️ The National Assembly has no constitutional powers to probe corporate records or enforce alleged debts.
• The summons amounted to lawmakers usurping the functions of the executive arm of government.
Supporting this, Toyin Victoria Akioya, a manager with the Nigerian Insurers Association, told the court that the July 3 summons was essentially an attempt to establish and enforce liabilities.
️ The Court’s Position
Justice Nwite ruled that since lawmakers failed to respond to the insurers’ motion, they could not later claim denial of fair hearing.
✅ He consequently restrained the House and its committee from summoning the CEOs for the July 21 hearing or any future session until the suit is resolved.
⏭️ Next Steps
The substantive case has been adjourned to September 9, 2025, when arguments will continue.
The Federal High Court in Abuja has stepped in to stop a major showdown between Nigeria’s lawmakers and the insurance industry.
️ On Monday, Justice Emeka Nwite issued an order restraining the House of Representatives from compelling the chief executives of 17 insurance companies to appear before its Committee on Capital Market and Institutions.
The House had summoned the CEOs for a July 21, 2025 hearing over alleged non-remittance of about ₦98.4 billion to the Federal Government. Lawmakers also directed the companies to submit operational records for scrutiny.
The Companies Involved
The insurers affected include some of the sector’s biggest names:
• Regency Alliance Plc
• Coronation Insurance Plc
• Linkage Assurance Plc
• Guinea Insurance Plc
• Veritas Kapital Assurance Plc
• LASACO Plc
• Universal Insurance Plc
• Sovereign Trust Insurance Plc
• Alico Insurance Plc
• AXA Mansard Insurance Plc
• Cornerstone Insurance Plc
• NEM Insurance Plc
• Mutual Benefits Assurance Plc
• International Energy Insurance Plc
• Consolidated Hallmark Insurance Plc
• SUNU Assurances Nigeria Plc
• Staco Insurance Plc
️ The Insurance Firms’ Defence
Through their lawyer, Prof. Taiwo Osipitan (SAN), the companies argued that:
• Their operations are already under the supervision of statutory regulators like NAICOM, CAC, and FIRS.
• ⚖️ The National Assembly has no constitutional powers to probe corporate records or enforce alleged debts.
• The summons amounted to lawmakers usurping the functions of the executive arm of government.
Supporting this, Toyin Victoria Akioya, a manager with the Nigerian Insurers Association, told the court that the July 3 summons was essentially an attempt to establish and enforce liabilities.
️ The Court’s Position
Justice Nwite ruled that since lawmakers failed to respond to the insurers’ motion, they could not later claim denial of fair hearing.
✅ He consequently restrained the House and its committee from summoning the CEOs for the July 21 hearing or any future session until the suit is resolved.
⏭️ Next Steps
The substantive case has been adjourned to September 9, 2025, when arguments will continue.