LunagisthubCourt Intervenes in Insurance CEOs’ Summon by Reps
The Federal High Court in Abuja has granted an interlocutory order restraining the House of Representatives from compelling the CEOs of 17 insurance companies to appear before a committee over alleged debt. The court’s decision came after the insurers, members of the Nigerian Insurers Association (NIA), filed an application arguing that the House lacks constitutional powers to scrutinize their operational documents or alleged indebtedness.
The House of Representatives had commenced an investigation into 25 insurers over alleged non-remittance of multibillion-naira revenue owed to the Federal Government. The insurers were summoned to appear before the House Committee on Capital Market and Institutions, but they contested the summons, arguing that their activities are already regulated by statutory agencies.
Justice Emeka Nwite granted the order, stopping the House committee from enforcing the summons pending the determination of the substantive suit. The insurers contend that the legislature’s actions amount to an unlawful usurpation of executive powers.
– Court grants order restraining Reps from summoning insurance CEOs
– Insurers argue that House lacks constitutional powers to scrutinize their documents
– Alleged debt of N98.4 billion is at the center of the dispute
– Case highlights separation of powers and regulatory oversight
The court’s decision has significant implications for the relationship between the legislative and executive arms of government, as well as the regulation of the insurance industry.
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