Court restores Standard Alliance licence, fines NICOM
The Federal High Court in Lagos has granted some reliefs sought by Standard Alliance Investments Limited and its shareholders Standard…
The Federal High Court in Lagos has granted some reliefs sought by Standard Alliance Investments Limited and its shareholders Standard Alliance Insurance Plc, against the National Insurance Commission over the notice of cancellation of registration of Standard Alliance plc.
Other Plaintiffs in the suit NO. FHC/L/CS/1585/2022 were Dickson Odoko and elder Donatus Uba who sued for themselves and on behalf of the shareholders of Standard Alliance Insurance Plc.
Apart from NAICOM, other defendants in the suit were a lawyer, Kehinde Aina (NAICOM –Appointed Receiver/Liquidator of Standard Alliance Insurance Plc) Minister of Finance, and Awodiya Omotayo.
The court also awarded N200,000 as the cost of action of the suit in favour of the plaintiffs against the defendants.
The plaintiffs in their originating summons dated August 23, 2022, sought the court’s interpretation of the relevant provisions of Sections 7 and 8 of the Insurance Act, 2003 and section 6 (6) of the Constitution of the Federal Republic of Nigeria 1999 as amended.
Delivering his judgment, Justice Akintayo Aluko held that the defendants failed to comply with the mandatory provisions of the Insurance Act.
The judge stated that their failure to comply was “fatal and rendered the process leading to the cancellation of Standard Alliance Insurance Plc’s certificate of registration and the appointment of a receiver null and void.”
Aluko said, “To this end, I resolve questions 1 to 5 in the negative, all in favour of the plaintiffs against the 1st to 3rd defendants.
“The declarations in reliefs A, B,C and D are hereby made. The orders prayed for in reliefs E,F and G are hereby granted, cost of this action in the sum of N200,000 is awarded in favour of the plaintiffs against the 1st to 3r defendants.”