The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has urged the Federal High Court, Abuja, to dismiss a restraining suit filed by the Nigerian Insurers Association (NIA) and 17 insurance companies over the ongoing probe into alleged N98.4 billion liabilities involving non-government-funded insurance firms in Nigeria.
The request for dismissal is contained in a counter-affidavit dated November 6, 2025, filed by Mrs. Bukola O. Adeagbo, lead counsel for Tajudeen, the House Committee on Capital Markets and Institutions, Hon. Kwamoti B. Laori, and Hon. Bob Solomon, as obtained by Nairametrics.
The lawmakers’ filing followed a temporary restraining order earlier granted by the court, stopping the House from summoning the NIA and the 17 insurers in connection with the probe, pending the hearing of the substantive suit.
Lawmakers’ Counter-Affidavit
According to the lawmakers’ counter-affidavit, the insurers’ CEOs operate under laws enacted by the National Assembly and are registered with government agencies that receive funding from the Federation Account based on those laws.
“The Defendants have the power to investigate allegations, procure evidence, and summon any person, including the Plaintiffs, for the purpose of any investigation into matters under their legislative competence,” the affidavit stated.
The document, deposed to by an official of the House Committee on Capital Markets, further argued that the legislators possess constitutional powers to invite individuals and examine the implementation of laws made by them in accordance with Sections 88 and 89 of the 1999 Constitution.
Counsel for the lawmakers contended that the insurers’ invitation was aimed at exposing alleged corruption and wastage, suggesting that the plaintiffs’ refusal to appear indicates they have something to hide.
The counsel added that the insurers have so far refused to honour the House’s invitation, describing their lawsuit as “frivolous” and urging the court to dismiss it in the interest of justice.
Nairametrics gathered that the case has been adjourned to December 9, 2025.
Backstory
Earlier, Nairametrics reported that Justice Emeka Nwite granted a restraining order against the lawmakers and in favour of the insurers, noting that the CEOs “stand the risk of being arrested” while the substantive case remains pending.
Professor Taiwo Osipitan, SAN, lead counsel for the insurers, argued in court filings that his clients are privately funded entities conducting insurance business under the supervision of executive agencies — including the National Insurance Commission (NAICOM), Corporate Affairs Commission (CAC), and Federal Inland Revenue Service (FIRS) — not the House of Representatives.
The plaintiffs, therefore, asked the court to restrain the lawmakers from enforcing or implementing the directives in their letter of invitation dated July 3, 2025, or any subsequent summons to the CEOs of the 2nd–18th plaintiffs, pending the determination of the substantive suit.
The NIA, in an earlier press statement, criticised the House Committee on Capital Markets and Institutions for what it described as “legislative overreach” in its ongoing investigation of certain member companies for alleged multibillion-naira financial infractions.
The Association said it represents licensed insurance and reinsurance firms in Nigeria and expressed concern over the Committee’s comments about alleged financial misconduct by some members.
This development follows reports that the House began probing 25 insurance companies over alleged non-remittance of multibillion-naira revenues owed to the Federal Government.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
