NATIONAL INSURANCE COMMISSION & ORS V. FIDELITY BOND OF NIGERIA LIMITED & ORS

SAMUEL CHUKWUDUMEBI OSEJI, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Exparte Ruling/order of the Federal High Court, Lagos Division delivered by O.E ABANG J. on the 28-8-2012 in suit No FHC/L/CS/998/2012.

The Respondents herein had as Plaintiffs in the Lower Court instituted an action by way of originating summons dated 24-8-2012 against the Appellants herein, as Defendants whereby, they sought the determination of 11 questions presented and if answered in their favour, the following reliefs should be granted by the Court. To wit:-

(i) A DECLARATION that the prohibition of the 1st Plaintiff by the 1st Defendant from transacting Insurance business for a period of 6 months with effect from the 6th day of August 2012 via its letter with reference No. NAICOM/DCT/FBIB/01 dated the 6th of August 2012 on the basis of the directive/decisions of the Financial Reporting Council of Nigeria contained in its letter reference Nos. FRC/NAICOM/NONCOM/016/11 both dated the …