Court restrains NAICOM from winding up Standard Alliance

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(Nigeria) A Federal High Court sitting in Lagos, has restrained a lawyer, Kehinde Aina, appointed by the National Insurance Commission, NICOM, from presenting himself as the receiver or liquidator of Standard Alliance Insurance Plc, pending the hearing and determination of the motion on notice.

The court also restrained the commission, who is the first defendant/respondent, and Aina, the second defendant, from taking any further step toward the liquidation or winding up of the insurance firm pending the hearing and determination of the motion on notice.

Justice Akintayo Aluko issued the restraining order on September 1, 2022, while granting the reliefs sought by Chief Dickson Odoko, Donatus Uba, and Standard Alliance Limited, who are the plaintiffs/applicants.

Apart from Aina, other defendants/respondents in the suit are the Minister of Finance and Awoduya Omotayo.

The applicants had, on August 22, filed a motion on notice before the court, asking for an interim injunction restraining the second respondent, Aina, whether by himself or through his agents, privies, or any other person acting under his authority, from acting or further acting as the appointed receiver/liquidator of the insurance firm pending the determination of the motion on notice.

The applicants filed a five-paragraph motion ex-parte and affidavit in support of the motion on notice, with suit No: FHC/L/CS/1585/2022.

Justice Aluko, after reading the affidavit in support of the motion paper sworn to by Osaro Eguasa and having heard Afolabi Kuti (SAN) for the defendants and Tanimola Oyekan for the plaintiffs, said, "An order of interim injunction is hereby made restraining the first and second defendants, whether by themselves or through their agents, privies, or any other person acting under their authority, from taking any further step geared towards giving effect to the cancellation of the purported certificate of registration of Standard Alliance Insurance Plc, pending the determination of the motion, plaintiffs shall file an undertaking as to damages and indemnify the respondents."

Consequently, the judge adjourned the matter till September 9 for the hearing of the applications.

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