Court Stops Reps from Summoning Insurance CEOs Over Alleged N98.4bn Debt

The Federal High Court in Abuja has issued an order stopping the House of Representatives from compelling the chief executives of 17 insurance companies to appear before its Committee on Capital Market and Institutions.

In a ruling delivered on Monday, Justice Emeka Nwite granted an interlocutory injunction restraining the Speaker of the House, the committee, and its members—Kwamoti Laori and Bob Solomon—from enforcing the summons previously issued to the firms.

The affected insurers, represented by Senior Advocate of Nigeria, Prof. Taiwo Osipitan, include major firms such as AXA Mansard Insurance Plc, NEM Insurance Plc, LASACO Plc, Mutual Benefits Assurance Plc, and 13 others.

The companies were summoned for a July 21, 2025, hearing regarding alleged non-remittance of N98.4 billion to the Federal Government and were asked to provide their operational records.

However, the insurers, through their counsel, argued that their activities are already regulated by statutory bodies such as the National Insurance Commission (NAICOM), Corporate Affairs Commission (CAC), and the Federal Inland Revenue Service (FIRS). They contended that the National Assembly lacks constitutional authority to demand their records or enforce liabilities, describing the lawmakers’ actions as an overreach into executive functions.

In a supporting affidavit, Toyin Victoria Akioya, a manager at the Nigerian Insurers Association (NIA), stated that the committee’s July 3 summons sought to establish and enforce financial liabilities allegedly owed by the companies.

Justice Nwite noted that the House and its committee failed to respond to the motion filed by the insurers, despite being given the opportunity. He ruled that a party that does not respond cannot later claim denial of fair hearing.

As a result, the court barred the lawmakers from compelling the CEOs to attend the July 21 hearing or any future sessions until the substantive case is resolved. The matter has been adjourned to September 9, 2025, for further hearing.