INSPENONLINE: Court restrains NAICOM from suspending A&G Insurance

Thursday 16 August 2012

Court restrains NAICOM from suspending A&G Insurance

Court restrains NAICOM from suspending A&G Insurance

Chuks Udo Okonta

Justice Patricia Ajoku of the Federal High Court, Lagos on Tuesday August 14th restrained the Finance Minister, Dr. Ngozi Okonjo-Iweala and her ministry from either approving the removal of directors and management of Alliance & General Insurance or ratifying the appointment of new directors and management to assume control over the company. A statement by Divisional Director, Corporate Planning and Strategy Alliance & General Insurance Dotun Onipede, said the court also restrained the National Insurance Commission (NAICOM) from proceeding with planned sack of the current management of the company. He noted that the judge, in a ruling on an ex parte application filed by the company, also restrained NAICOM from implementing a directive suspending the insurance company from transacting business in Nigeria for the next six months with effect from August 6, 2012. The judge, after entertaining argument from counsel to the plaintiff (Alliance and General Insurance Plc), Ayodele Akintunde, specifically barred NAICOM from either sacking the management of the plaintiff company or appointing new directors to assume control and management of the company. Justice Ajoku ordered NAICOM to remove forthwith from its website, information regarding the suspension of the plaintiff from transacting insurance business in Nigeria for the next six months, as well as further publishing same in the national newspapers. The orders, according to Justice Ajoku, are to remain in force pending the determination of a motion on notice filed by the plaintiff against the respondents, which include NAICOM, Ministry of Finance, Minister of Finance and the Attorney General of the Federation, Bello Adoke (SAN). The judge however, ordered the plaintiff to sign an undertaking to pay damages to the respondents should it later turn out that the orders ought not to have been granted. The court also granted leave to the plaintiff to serve some of the respondents outside jurisdiction with the process filed in the matter and fixed august 22, 2012 for hearing, while also ordering that hearing notices should be served on all the respondents. Akintunde had, while arguing the motion, told Justice Ajoku that the faith of Alliance & General Insurance would be jeopardized should the respondents not be restrained from going ahead with the implementation of the suspension directive. He said NAICOM was acting on a ‘devastating’ recommendation of the Financial Reporting Council of Nigeria on the state of finance of Alliance & General Insurance, which alleged that the company had failed to comply with best accounting practice in its dealings. Akintunde said while his client had already filed a suit to challenge the said recommendation of the Financial Reporting council of Nigeria on its books, NAICOM in furtherance of the recommendation, suspended Alliance & General Insurance from transacting business in Nigeria for the next six months.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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