The Federal High Court in Abuja has ordered former directors of NICON Insurance Limited to provide its liquidator with a seven-year account of the company’s assets, transactions and financial dealings.

The order was made in a petition marked FHC/ABJ/PET/18/2026, filed by Senior Advocate of Nigeria, Chukwuma-Machukwu Ume, who is serving as the liquidator of the insurance company.

NICON Insurance, owned by the Federal Government, is currently undergoing liquidation following regulatory action by the National Insurance Commission over its failure to meet the requirements for continued operation.

Under the court order, the former directors are required to preserve NICON Insurance’s assets and submit sworn disclosures detailing their roles in the management and disposal of the company’s assets over the past seven years.

The directors named in the order include the Managing Director and Chief Executive Officer, Gbadebo Oladejo, and the Company Secretary, Arorote Williams.

Others are Apata Abayomi Olorunmbe, Abah Simon, Ibrahim Ozi, Michael Magagi, Tawose Ahmed, Ojo Stephen Abiodun, Arowoyele Segun and Dikko Shehu.

The order restrains the affected directors from facilitating or permitting any unlawful disposal of NICON’s assets. It also requires them to make comprehensive disclosures under oath before a Commissioner for Oaths of the Federal High Court.

The disclosures are expected to cover decisions and actions taken by the directors during their tenure, including board resolutions, approvals, investments, asset transfers and disposals, banking arrangements and other material transactions involving the company.

The court also directed that the disclosures be supported by relevant documents, including board and management resolutions, bank records, investment statements, title documents, transfer instruments, sale agreements and payment records.

A key part of the disclosure requires the former directors to provide details of assets transferred, sold or otherwise disposed of during the seven years preceding the liquidation process.

They are also required to submit a complete inventory of NICON’s assets as of August 4, 2026, covering cash, bank balances, deposits, land, buildings and other properties.

The disclosure also covers developed and undeveloped land, residential, commercial and industrial properties, offices, branches, hotels, estates, warehouses, investment properties, properties under construction, as well as abandoned, vacant or leased properties and assets occupied by third parties.

The former directors are also required to disclose all Nigerian bank and financial accounts operated, controlled or beneficially owned by NICON, including dormant, closed, undisclosed and off-book accounts.

The disclosure must also cover foreign financial holdings, including overseas bank accounts, investment and securities accounts, deposits, digital wallets, funds, foreign currency holdings and treasury arrangements.

The former directors are also required to provide details of NICON’s policyholders as of August 4, 2026, including policy numbers, classes of policies, insured persons or entities, premiums received, outstanding premiums, unearned premiums and notified claims.