African Alliance Insurance Plc has filed a lawsuit against the National Insurance Commission (NAICOM) and the interim management established by the Commission over the dissolution of the company’s board and management by the regulator.
The Minister of Finance is also joined in the suit as defendant.
In a suit (FHC/L/CS/2008/2024) filed at the Federal High Court in Lagos, African Alliance is praying the court to declare that the dissolution of its board and management by NAICOM on October 29, 2024 is unlawful, null and void.
African Alliance through its lawyer, Mr. Tayo Oyetibo, SAN, wants the court to determine whether NAICOM acted in compliance with provisions of the Insurance Act, 2003 and the Prudential Guidelines for Insurers and Reinsurers in Nigeria 2015 in taking its regulatory action against the company.
The company also contends that the action of NAICOM in seeking approval from the Minister of Finance to take-over its board and management while its application for consent to sell its 49 percent assets in Pension Alliance Limited (PAL) is pending with the Commission is unreasonable, unlawful and ultimately in bad faith.
African Alliance Insurance therefore urged the court to nullify the dissolution of its board and management by NAICOM.
No date has been fixed for hearing of the suit.
