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Maje sues Toke Makinwa to a tune of N100m

Published

9 years ago

on

February 28, 2017

By

Feyijimi Emmanuel

Maje Ayida through his lawyers, led by ‘Kemi Pinheiro SAN of Pinheiro LP, has initiated legal proceedings at the High Court of Lagos State against Toke Makinwa and Kachifo Limited, the publishers of the book “On Becoming”. Maje is suing them both, to the tune of One Hundred Million Naira, and has requested the court to donate any damages awarded to four charities to be nominated by him.

This lawsuit is a follow up on the letters of demand earlier served Toke in December 2016 by Pinheiro LP and the objective is to secure the enforcement of those demands made. Toke has since been served with the court processes.

Related Topics:Maje Ayida Pinheiro LP Toke Makinwa “On Becoming”

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"We have all paid for these processes, and my company has been verified. More than 70 per cent of the companies have completed the verification exercise," she said. The recapitalisation programme, introduced by NAICOM under the Nigerian Insurance Industry Reform Act, 2025, is designed to strengthen the financial health of insurance companies by raising minimum capital requirements. Regulators believe the initiative will improve insurers' ability to settle claims promptly, underwrite larger risks, and restore public confidence in Nigeria's insurance industry. Monthly Capital Monitoring Nwachukwu explained that since December 2025, insurance companies have been submitting monthly capital position reports to NAICOM, reflecting changes arising from underwriting activities, claims payments, investments, and asset transactions. The reports, she noted, have enabled the regulator to closely monitor each company's compliance journey ahead of the July 31 deadline. In addition, insurers were required to lodge statutory deposits with the Central Bank of Nigeria (CBN) amounting to 10 per cent of the revised minimum capital requirement. According to the NIA chairman, most member companies have complied with the statutory deposit requirement and have submitted evidence of payment to NAICOM. She added that the capital verification exercise is being conducted by independent auditors from the global accounting firms KPMG, PwC, Deloitte, and EY, while the insurance regulator is expected to announce the final outcome of the recapitalisation exercise after the compliance deadline. Industry Poised for Transformation Nwachukwu said NAICOM has continued engaging insurers still facing capital shortfalls in a bid to ensure an orderly transition that safeguards policyholders and preserves financial stability within the sector. 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Experts: Stronger Insurers, Better Protection for Policyholders Insurance and financial market experts say the recapitalisation programme could reshape Nigeria's insurance landscape by producing fewer but stronger operators capable of competing regionally and globally. Financial analyst Johnson Chukwu said stronger capitalisation would improve insurers' ability to absorb shocks arising from large claims and catastrophic events while enhancing confidence among corporate and retail customers. According to him, better-capitalised insurance companies are also more attractive to international investors and reinsurers, creating opportunities for increased foreign investment and improved underwriting capacity. Insurance consultant Dr. Pius Apere noted that consolidation through mergers and acquisitions should not be viewed negatively, arguing that it would produce healthier institutions with stronger governance structures and improved operational efficiency. He added that the reform could also accelerate innovation in insurance products, digital transformation, and risk management practices, enabling insurers to serve a broader segment of the Nigerian economy. However, experts caution that recapitalisation alone will not solve the industry's longstanding challenges. They argue that regulators and operators must also intensify efforts to improve insurance penetration, strengthen consumer education, enforce compulsory insurance policies, deepen technology adoption, and ensure prompt settlement of claims if the industry is to fully realise the benefits of the capital reform. With only days remaining before the regulatory deadline, the coming weeks are expected to determine which insurers emerge independently, which pursue strategic alliances, and how the recapitalisation exercise ultimately reshapes Nigeria's insurance industry for the next decade.

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