Court restrains NAICOM from action against Guinea Insurance

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A Federal High Court sitting in Abuja has restrained the National Insurance Commission (NAICOM) from the purported suspension of Guinea Insurance Plc from writing new businesses.

A statement by Hanson Ufot, Guinea Insurance spokesman, explained that the court stopped the apex insurance regulator, NAICOM, from continuing with the suspension and ordered a status quo ante to be maintained.

Ufot stated that the ruling was delivered by Justice I. E. Ekwo, adding that the court had granted the order in a Suit No: FHC/ABJ/CS/151/2019, filed by the company against the Commission on February 6, 2019.

The spokesman said Ekwo had held that all parties should maintain status quo, pending the hearing and determination of the motion on notice before the court. He said the case was later adjourned till February 18, for motion on notice.

Guinea Insurance in the application said that NAICOM had on January 28, 2019, suspended the company from underwriting new businesses, but said it could maintain the existing businesses in its portfolio until some issues are resolved by the company.

“Some of the issues, according to NAICOM, included Guinea Insurance Plc’s failure to appoint a substantive Managing Director and not securing a re-insurance treaty, among others. It was on the basis of this we are constrained, as a company, to set the records straight.

We are informing the general public, business associates, shareholders, prospective investors and policyholders that the Board of Guinea Insurance Plc had on February 15, 2018, appointed Mr. Babatunde Oshadiya, as Managing Director and Chief Executive Officer of the company.

“The proposal for his appointment was submitted to NAICOM for approval since February 2018,’’ the statement stated.

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