The petitioners alleged that insurance companies had been subjected to a series of payments, including a one per cent recapitalisation fee, verification charges and additional registration fees, which they claimed amounted to more than N30 billion across the industry. The petitioners also alleged that they were required to pay N180 million as a “recapitalisation fee” for the verification of their recapitalisation exercise. They also requested the refund of monies allegedly paid by insurance companies as “recapitalisation fees” and the return of the one per cent shareholders’ funds allegedly demanded by the regulator. They called for a full-scale investigation into the insurance recapitalisation exercise, saying such an inquiry would help to “clean the system” and remove what they described as “bad actors”. The EFCC’s inquiry is expected to establish the legal basis for the various fees, determine whether the required approvals were obtained and examine how the funds allegedly collected from insurance companies were utilised.