The 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 compelling Chief Executives and Managing Directors of 17 insurance companies to appear at a scheduled hearing over debt allegations.
Justice Emeka Nwite granted the interlocutory injunction on Monday, August 18, 2025, following an application filed by the insurers under the Nigerian Insurers Association (NIA).
Their counsel, Prof Taiwo Osipitan, argued that the committee lacked constitutional authority to demand operational documents or summon the insurers, as they are already regulated by statutory agencies of the Executive—namely the National Insurance Commission, Corporate Affairs Commission, and the Federal Inland Revenue Service.
The insurers contended that the summons of July 3, 2025, which required them to submit records in relation to an alleged N98.4 billion debt to the Federal Government, exceeded the legislature’s oversight mandate and amounted to an unlawful usurpation of executive powers.
The plaintiffs in the suit 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 Insurance Plc, NEM Insurance Plc, Mutual Benefits Assurance Plc, International Energy Insurance Plc, Consolidated Hallmark Insurance Plc, SUNU Assurances Nigeria Plc, and Staco Insurance Plc.
The defendants are the Speaker of the House of Representatives, the Committee on Capital Market and Institutions, its Chairman, Hon Bob Solomon, and member, Hon Kwamoti Laori.
Justice Nwite observed that the defendants neither filed any process nor appeared in court to defend the application. He stressed that once given the opportunity to be heard but failing to respond, a party cannot later claim denial of fair hearing.
He therefore restrained the defendants and their agents from compelling the insurers’ Chief Executives and Managing Directors to attend the committee’s session slated for 21 July 2025 or any subsequent date, pending determination of the substantive suit.
The court adjourned the matter to September 9, 2025 for further hearing.