Some aggrieved insurance stakeholders had earlier filed suits mandating the court to stop NAICOM from proceeding with the ongoing recapitalisation exercise of the insurance industry. The scenario was similar to what happened in 2018, when some aggrieved shareholders took the commission to court to stop the then Tier-based recapitalisation exercise under the then commissioner for insurance, Alhaji Mohammed Kari.
being a responsible and law abiding organisation, will respect the order of the court.”Earlier in the month, the House of Representatives had equally ordered the discontinuation of the recapitalisation exercise and had earlier in the week written a letter to NAICOM in this regard.
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