Court restrains NAICOM from winding up Standard Alliance
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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