Court Halts NAICOM From Any Intending Action Against Guinea Insurance

In what many who have ready or watch award-winning play by Ola Rotimi, titled ‘Our Husband Has Gone Mad Again’ or ‘rouge regulatory duty’ in Insurance Industry by the National Insurance Commission from the failed policy withdrawal to another controversial with operators of Guinea Insurance Plc leading to a Federal High Court sitting in Abuja in front industry Apex regulator office to issue restrained order on Friday, February 8, 2019 on the National Insurance Commission (NAICOM) from restricting Guinea Insurance Plc operators from taking in new businesses..

The Presiding Judge, Hon. Justice I.E.Ekwo, upon hearing the affidavit in support of the Motion Exparte sworn by Guinea Insurance Company Secretary, Oluranti Oke, Female, and filed in the Registry of the court and after hearing, Ebere Okonko Esq., of Council for Plaintiff/Applicant moved in terms of the Motion Exparte Paper dated 5th day of February 2019 and filed on the 6th day of February, 2019, praying the court to restrain the Defendant from further action until the determination of the Motion on notice.

The Judge having granted the application ordered the Defendant, NAICOM to suspend the purported suspension of the Plaintiff from writing new insurance business or directing the maintenance of status quo ante its letter of 28th January, 2019 pending the hearing and the determination of Motion on Notice.

The case was adjourned to 18th February, 2019, for hearing.

Amehnews recalled that Guinea Insurance has issued a statement signed by the Chairman, Board of Directors, Mr. Godson Ugochukwu informed the Nigerian Stock Exchange (NSE that the company is currently engaging NAICOM with a view to resolving all attendant issues within the shortest possible time.

Guinea Insurance’s statement to NSE was a follow up by media report on Thursday, January 31, 2019, that NAICOM has suspended the company because of its failure to appoint a substantive Managing Director and failure to secure reinsurance arrangement, among others.

A Part of the Court Order reads:

In the High Court of Nigeria, in the Abuja Judiciary Division, Holden at Abuja, on Friday, the 8th day of February, 2019, before His Lordship, Hon. Justice I.E Ekwo, Judge, Suit No: FHC/ABJ/CS/151/2019, between Guinea Insurance Plc (Plaintiff/Applicant) and National Insurance Commission (Defendant/Respondent)

Upon this Motion Exparte dated 5th day of February 2019 and filed on the 6th day of February, 2019, praying for the following Orders:

An Order of Mandatory Injunction is hereby made retraining the Defendant whether by itself, or assigns, successors – in title, personal representatives agents or privies or any other persons or body or persons (howsoever described) acting for it or at its instance or behest, from enforcing or taking any steps whatsoever, including, without limitation, writing letters, issuing directives and/or instructions to the Plaintiff or any other person or entity; or taking out publication or any other acts; with intent, (or, in respect of such acts having) the likelihood of potential, to halt, stop, disrupt, frustrate, or defeat; or in any other way whatsoever undermine or negatively impact the operation and/or business of the Plaintiff; for any reason whatsoever arising from, connected to, based upon or touching or concerning the compliance with the directive contained in the Defendant Letter of 28th January 2019, pending the hearing and determination of the Motion on Notice.

An order is hereby made directing the maintenance of status quo ante the Defendant Letter of 28th January pending the hearing and the determination of the Motion on Notice.

The Defendant to be served with the Processes of this Case forthwith.

Case adjourned to 18th February 2019 for Motion on Notice.

An Order suspending the purported suspension of the Plaintiff from writing new insurance business by the Defendant or directing the maintenance of status quo ante the Defendant’s letter of 28th January, 2019 pending the hearing and the determination of Motion on Notice.

And for such further Order(s) as this Honourable Court may deem fit to make in this circumstances.

Upon hearing the affidavit in support of the Motion Exparte sworn by one Oluranti Oke, Female, Company Secretary, Nigerian citizen of 33, Ikorodu Road, Jibowu and filed in the Registry of this court.

And after hearing, Ebere Okonko Esq., of Council for Plaintiff/Applicant moved in terms of the Motion Exparte Paper.

Signed

Hon. Justice I.E. Ekwo

Suit no: FHC/ABJ/SC/151/2019

 

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