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BUSINESS

Court Nullifies Standard Alliance’s Liquidation

July 13, 2023 • 3 min read

The Federal High Court in Lagos has granted some reliefs sought by Standard Alliance Investments Limited and its shareholders Standard Alliance Insurance Plc, against the National Insurance Commission over the notice of cancellation of registration of Standard Alliance plc.

Other Plaintiffs in the suit NO. FHC/L/CS/1585/2022 were Dickson Odoko and elder Donatus Uba who sued for themselves and on behalf of the shareholders of Standard Alliance Insurance Plc.

Apart from NAICOM, other defendants in the suit were a lawyer, Kehinde Aina (NAICOM –Appointed Receiver/Liquidator of Standard Alliance Insurance Plc) Minister of Finance, and Awodiya Omotayo.

The court also awarded N200,000 as the cost of action of the suit in favour of the plaintiffs against the defendants.

The plaintiffs in their originating summons dated August 23, 2022, sought the court’s interpretation of the relevant provisions of Sections 7 and 8 of the Insurance Act, 2003 and section 6 (6) of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

The plaintiff asked the court to declare that “the purported notice of cancellation of registration of Standard Alliance plc issued by the first defendant dated June 21, 2022, was a nullity abinitio.

“A declaration that the purported appointments of the 2nd defendant as a receiver/liquidator of Standard Alliance Insurance Plc is illegal and therefore void. A declaration that all the actions of the 2nd defendant since his appointment as a Receiver/Liquidator of Standard Alliance Insurance Plc is a nullity and, therefore void.

“And a declaration that the purported decision of the first defendant to cancel the certificate of registration of Standard Alliance Insurance Plc is null and void same having been taken by a body not empowered to do so by law.”

Delivering his judgment on Friday, Justice Akintayo Aluko held that the defendants failed to comply with the mandatory provisions of the Insurance Act.

The judge stated that their failure to comply was “fatal and rendered the process leading to the cancellation of Standard Alliance Insurance Plc’s certificate of registration and the appointment of a receiver null and void.”

Aluko said, “To this end, I resolve questions 1 to 5 in the negative, all in favour of the plaintiffs against the 1st to 3rd defendants.

“The declarations in reliefs A, B,C and D are hereby made. The orders prayed for in reliefs E, F and G are hereby granted, cost of this action in the sum of N200,000 is awarded in favour of the plaintiffs against the 1st to 3rd defendants.”