Judge lifts order on NAICOM

[MrVan]

By ABDULWAHAB ABDULAH

LAGOS—Justice Pat Ajoku of the Federal High Court, Lagos, yesterday, discharged her earlier order restraining the National Insurance Commission, NAICOM, from going ahead with plans to sack the current management of Alliance and General Insurance Plc, A&G.

The judge, who said the court had made the restraining order in error, had in a ruling on an ex-parte motion filed by Alliance and General Insurance, restrained NAICOM from implementing a directive which suspended the insurance firm from carrying out  insurance business in Nigeria for the next six months with effect from August 6, 2012.

Justice Ajoku had made the order after the argument canvassed by lawyer to A&G, Ayodele Akintunde.

The court specifically barred NAICOM from either sacking the management of the plaintiff company or appointing new directors to assume control and management of the company.

However, the table turned against the company, yesterday, as the court vacated the orders saying they were made in error as A&G failed to comply with some mandatory procedure before procuring the orders.

Vanguard Nigeria