By John Azu
Following a court order approving the provisional liquidation of NICON Insurance Limited after the company lost its operating licence for failing to meet recapitalisation requirements, the appointed Receiver/Provisional Liquidator, Chukwuma Machukwu-Ume (SAN), has issued a public notice.
The notice is part of the process of safeguarding the assets and properties of the ailing insurance company and informing policyholders, creditors, business partners, the Federal Government, state governments, the Federal Capital Territory Administration and land registries to direct all matters concerning the company’s affairs, assets and businesses to the receiver.
Earlier, on August 27, 2026, the Federal High Court in Abuja, presided over by Justice Chigozie Sergius Onah, approved an application by Machukwu-Ume for his appointment as Receiver/Provisional Liquidator of the company.
The court ordered that:
“That an order of this Honourable Court is hereby made directing that the assets, properties, investments, bank accounts, books, records, documents, and other proprietary interests of NICON Insurance Limited (In-Liquidation) be preserved and protected from any disposition, dissipation, alienation, encumbrance or dealing inconsistent with the statutory functions of the Receiver/Provisional Liquidator and the interests of policyholders, creditors and other stakeholders, pending the hearing and determination of the petition.”
The petition, filed as FHC/ABJ/PET/18/2026, was brought by the National Insurance Commission (NAICOM) following the revocation of NICON’s operating licence.
NICON Insurance Limited, which was incorporated and registered to conduct insurance business in Nigeria, has its headquarters at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja.
NAICOM revoked the company’s insurance licence on August 3, 2026, following its failure to recapitalise in line with the requirements of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA).
The decision was communicated to the company on August 4 by a senior NAICOM official, Suleman Ahmadu.
On the same day, NAICOM, exercising powers conferred on it by its enabling Act, appointed Machukwu-Ume as Receiver/Provisional Liquidator, while the court oversees the winding-up process.
The latest public notice is therefore aimed at protecting the company’s assets and interests while the legal process for its winding-up continues.