Court fixes Sept 21 to hear motion for winding up of NICON Insurance

Author: Urowayino JeremiahPublished on: September 9, 2026Country: Nigeria

Business & Economy

Court fixes Sept 21 to hear motion for winding up of NICON Insurance

The Federal High Court in Abuja has scheduled a hearing for September 21 regarding a petition to wind up NICON Insurance Limited following the cancellation of its operating license. The liquidator, Mr. Chukwuma-Machukwu Ume, stated that the license cancellation by the National Insurance Commission (NAICOM) on August 3, 2026, removed the regulatory basis for NICON to continue operating. The petition, filed on August 12, indicates that NICON failed to recapitalize in accordance with the Nigerian Insurance Industry Reform Act of 2025.

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