Court Stops Reps From Summoning 17 Insurance CEOs

The Federal High Court in Abuja has restrained the Speaker of the House of Representatives, the House Committee on Capital Market and Institutions, and two of its members from summoning the Chief Executives of 17 insurance companies over alleged debts.

Justice Emeka Nwite granted the interlocutory order following an application filed by the insurers, who are members of the Nigerian Insurers Association. Their counsel, Professor Taiwo Osipitan, had asked the court to halt the lawmakers’ attempt to compel the executives to appear at a hearing initially scheduled for July 21.

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The insurers argued that their activities are already regulated by statutory agencies such as the National Insurance Commission, the Corporate Affairs Commission, and the Federal Inland Revenue Service. They contended that the legislature lacked the constitutional power to scrutinise their operational records or recover alleged debts, which they said amounted to an encroachment on executive powers.

The plaintiffs include companies such as AXA Mansard Insurance, NEM Insurance, Mutual Benefits Assurance, and LASACO. The court adjourned the substantive suit to 9 September, while maintaining that the order restraining the House from summoning the executives remains in place until then.