AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation

The Asset Management Corporation of Nigeria (AMCON) says it has
taken over the major interests in NICON Insurance Limited and the
Nigeria Reinsurance Corporation (Nigeria Re).

The two assets were part of properties seized from Jimoh
Ibrahim, a Nigerian businessman, over N69.4 billion debt.

Last year, AMCON had said the development followed a court order
granting it the power to take over the assets.

In February, a federal high court in Abuja set aside the order
granting AMCON permission to take over assets belonging to
Ibrahim.

The judge had agreed with the business mogul and his firms NICON
Investment Ltd and Global Fleet Oil and Gas Ltd that AMCON
concealed facts relating to the case to obtain an interim
order.

But in a statement issued on Tuesday, AMCON said it is working
in partnership with the Bureau for Public Enterprises (BPE) to
bring the “much-needed stability” in the operation of the
organisations.

The statement added that the National Insurance Commission
(NAICOM) had approved the new board and management for the two
firms.

AMCON listed members of the new board of NICON Insurance as
Lamis Shehu Dikko, chairman; Henry Uko Ationu, managing
director/chief executive officer and John Abuh Oyidih, executive
director, finance & administration.

“The insurance firm (NICON) also has Alexander Ayoola Okoh, the
Director-General of Bureau for Public Enterprises (BPE) as
Non-Executive Director and Ahmed Dahiru Modibbo FIBA ACIS as
Non-Executive Director (Independent),” the statement reads.

Similarly, the directors of Nigeria Reinsurance Corporation
include Mela Audu Nunghe, chairman; Olugbenga Falekulo, managing
director/chief executive officer and Olusegun Ilori, executive
director, finance & administration.

“Alexander Ayoola Okoh, the Director-General of Bureau for
Public Enterprises (BPE), comes in as Non-Executive Director while
Yvonne Isichei MIoD, FCIB joins as Non-Executive Director
(Independent),” the statement further reads.

“The reconstitution of the board and management team of two
insurance institutions in Nigeria is to ensure that the firms
continue in their quest for transparent and accountable management
of insurance in the country, and continue to deliver value to its
stakeholders.”

The Asset Management Corporation of Nigeria (AMCON) says it has
taken over the major interests in NICON Insurance Limited and the
Nigeria Reinsurance Corporation (Nigeria Re).

The two assets were part of properties seized from Jimoh
Ibrahim, a Nigerian businessman, over N69.4 billion debt.

Last year, AMCON had said the development followed a court order
granting it the power to take over the assets.

In February, a federal high court in Abuja set aside the order
granting AMCON permission to take over assets belonging to
Ibrahim.

The judge had agreed with the business mogul and his firms NICON
Investment Ltd and Global Fleet Oil and Gas Ltd that AMCON
concealed facts relating to the case to obtain an interim
order.

But in a statement issued on Tuesday, AMCON said it is working
in partnership with the Bureau for Public Enterprises (BPE) to
bring the “much-needed stability” in the operation of the
organisations.

The statement added that the National Insurance Commission
(NAICOM) had approved the new board and management for the two
firms.

AMCON listed members of the new board of NICON Insurance as
Lamis Shehu Dikko, chairman; Henry Uko Ationu, managing
director/chief executive officer and John Abuh Oyidih, executive
director, finance & administration.

“The insurance firm (NICON) also has Alexander Ayoola Okoh, the
Director-General of Bureau for Public Enterprises (BPE) as
Non-Executive Director and Ahmed Dahiru Modibbo FIBA ACIS as
Non-Executive Director (Independent),” the statement reads.

Similarly, the directors of Nigeria Reinsurance Corporation
include Mela Audu Nunghe, chairman; Olugbenga Falekulo, managing
director/chief executive officer and Olusegun Ilori, executive
director, finance & administration.

“Alexander Ayoola Okoh, the Director-General of Bureau for
Public Enterprises (BPE), comes in as Non-Executive Director while
Yvonne Isichei MIoD, FCIB joins as Non-Executive Director
(Independent),” the statement further reads.

“The reconstitution of the board and management team of two
insurance institutions in Nigeria is to ensure that the firms
continue in their quest for transparent and accountable management
of insurance in the country, and continue to deliver value to its
stakeholders.”