In response to a House of Representatives order, Lagos lawyers have requested the National Insurance Commission (NA1COM) to postpone the capital recapitalization of the insurance industry.
Attorneys, with the support of the COGATLA Group of Lawyers, in fact, if the media coverage of the order is true and there is something to pass, the actions and omissions of the House of Representatives, the “insurance company capital increase plan” is a contempt of court. It is equivalent to an insult.
The group said in a statement in Lagos on the weekend that Chairman Femi Gubajabiamira’s attention was full of illegality, illicit intrusion into the judicial process, condemnation of the judiciary as an institution, And a threat to democratic practices.
“These legal positions and allegations are that the issue of recapitalization of the Nigerian insurance industry has been filed in the Federal High Court in Abuja with the Incorporated Standard Shareholders Association in proceeding number FHC / ABJ / CS / 835/2020. It is emphasized by the fact that it is a problem in. NAICOM “, GC Ndubuisi & Co. Said Chijioke Ndubuisi Esq.
He emphasized that the issue was being dealt with by the Federal High Court and was postponed to February 18, 2020, noting that the court has not yet taken that position.
Ndubuisi said that if federal lawmakers were allowed to address issues that were in front of the court of jurisdiction, the issues in court would be controversial, apart from the fact that such actions violated the rules of the House of Representatives. Insisted that it should not be. Similarly, a direct insult to the judiciary.
He further argued that the House of Representatives would exercise jurisdiction to rule and interpret land law and constitution if the order was allowed to pass.
“The House resolution to extend insurance recapitalization is extremely vicious, illegal and derogatory, and violates the constitutional separation of powers,” he said.
He warned that the group would put the legal mechanism into practice. “If the House of Representatives fails, it will not affect the above orders for recapitalization, refuse or neglect to revoke the above motions, and prevent further interference with the next issue. In court.”
Attorney kicks when personnel order postponement of capital increase in insurance industry
https://businessday.ng/insurance/article/lawyers-kick-as-reps-order-postponement-of-insurance-industry-recapitalization/ Attorney kicks when personnel order postponement of capital increase in insurance industry