The Federal High Court in Abuja has issued an order preventing the Speaker of the House of Representatives, the House Committee on Capital Market and Institutions, and two committee members from requiring Chief Executives/Managing Directors of 17 insurance companies to attend a scheduled hearing session concerning debt allegations.
On Monday, August 18th, Justice Emeka Nwite issued the interlocutory order after an application was submitted by insurers associated with the Nigerian Insurers Association (NIA).
The application filed by their lawyer, Prof. Taiwo Osipitan, aimed to prevent the House committee from enforcing a series of letters that required the Chief Executive Officers and Managing Directors of the companies to appear before the lawmakers on July 21, 2025 or any later date until the substantive suit is resolved.
The legal action was initiated following reports that the House of Representatives launched an investigation into 25 insurance companies concerning claims they failed to remit multibillion-naira revenues purportedly owed to the Federal Government.
The insurers, represented by their Counsel, contended that their operations are already overseen by statutory agencies within the Executive branch of government. These include the National Insurance Commission, Corporate Affairs Commission, and Federal Inland Revenue Service. They argued that because of this oversight, the National Assembly does not have constitutional authority to examine their operational documents or investigate any alleged debts owed to the Federal Government.
They argued that the summons issued on July 3rd, which demanded they provide operational records to recover N98.4 billion allegedly owed to the Federal Government, exceeded legislative authority and constituted an unlawful encroachment on executive powers.
The plaintiffs in the lawsuit are Regency Alliance Plc, Coronation Insurance Plc, Linkage Assurance Plc, Guinea Insurance Plc, Veritas Kapital Assurance Plc, LASACO PlC., Universal Insurance Plc., Sovereign Trust Insurance plc. Alico insurance PLC AXA Mansard insurance PLc Cornerstone insureance PCL NEM InuraMce PC Mutual Benefits Assure Acn , international energy insuarnces pc Consolitated Hlmarlk Insurace Suneru aasurances NSE and Staco ensureane pops
The defendants include the Speaker of the House of Representatives; the Committee on Capital Market and Institutions; Hon. Kwamoti Laori, a member of the Committee; and Hon. Bob Solomon, who serves as its Chairman.
In his ruling, Justice Nwite noted that the defendants neither submitted any documentation nor appeared to defend against the application.
The judge observed that if a party is given the opportunity to be heard but does not respond, they cannot claim that their right to a fair hearing was denied.
By granting the interlocutory injunction, Justice Nwite prohibited the defendants, their agents, or representatives from taking any action to compel Chief Executive Officers and Managing Directors to attend the committee’s meeting or hearing scheduled for July 21 or on any subsequent date until a decision is reached in the substantive suit.
The court subsequently scheduled the hearing for the substantive suit on September 9, 2025.
