A federal High Court sitting in Federal Capital Territory (FCT) Abuja has stopped the Assets Management Corporation of Nigeria (AMCON) from taking any further steps against NICON Insurance and the Nigeria Reinsurance regarding reconstitution and appointment of the defendants into the financial institution’s management board.

The court ruled yesterday after the Asset management corporation testified and confirmed received of a court notice from NICON asking that they desist from taking any further action on the financial institution.

The court, however, adjoined the case till September 8, 2021, for further hearings on the suit filed by NICON against the asset corporation.

Speaking to newsmen after the Court proceedings, Barrister Jimoh Ibrahim said that the court declined prayer of AMCON to set aside Form 48 that was issued by NICON for committer to prison on notice of disobedience of court order.

Ibrahim said: “Also, the court held that the order stayed and subsequently accepted the undertaking from AMCON that it would obey the court order and would not do anything to the contrary”.

NICON had dragged AMCON before the court challenging its plan to constitute management of the two corporate organizations.