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Recapitalisation: Court restrains NAICOM from enforcing deadline

The Lagos division of Federal High Court has restrained the National Insurance Commission (NAICOM) from enforcing its deadline on the ongoing recapitalisation exercise.

 

According to an online report on Proshare site, Justice C. J. Aneke on Monday, December 21, 2020 restrained NAICOM from taking any further steps in implementing its deadline date for insurance and reinsurance companies to recapitalise.

 

Justice Aneke made the order on December 21 while delivering ruling in an ex-parte application brought before the court by the Incorporated Trustees of the Pragmatic Shareholders’ Association of Nigeria (details of trustees yet to be cited as Proshare awaits court judgment)

 

The motion, marked FHC/L/CS/1797/2020 and filed on December 15, 2020, was moved on behalf of the group by their lawyer, I.C. Ifedora.

 

The applicant(s) prayed the court for an order of interim injunction restraining the defendant and its agents from taking further steps in the recapitalisation process in the insurance industry pending the hearing and determination of its motion on notice before the court.

 

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