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Thu, Sep

AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation

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The Asset Management Corporation of Nigeria (AMCON) has announced that it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation over an alleged N69.4 billion debt by embattled businessman, Jimoh Ibrahim.

In a statement released by AMCON which read in part: “The reason for the changes in the board and management of the 2 insurance firms is the sequel to the takeover of the major investor’s interests in the 2 organizations by the Asset Management Corporation of Nigeria (AMCON) and the Bureau of Public Enterprises (BPE) is working in partnership with AMCON to bring the much-needed stability in the operation of the organizations.”

The new board of NICON Insurance Limited includes Lamis Dikko as its Chairman, Henry Ationuas as Managing Director/Chief Executive Officer while John Oyidih is the Executive Director, Finance and Admin.

Others are Alexander Okoh, Director General, BPE as Non-Executive Director, and Ahmed Modibbo, FIBA ACIS as Non-Executive Director (Independent).

AMCON's statement further read: “Similarly, the board and management of Nigeria Reinsurance Corporation have Mela Nunghe as Chairman, Olugbenga Falekulo as Managing Director/Chief Executive Officer and Olusegun Ilori comes in as Executive Director, Finance and Admin. Alexander Okoh, the Director-General of BPE comes in as Non-Executive Director while Yvonne Isichei, FCIB joins as Non-Executive Director (Independent)”.

The reconstitution of the board and takeover of the 2 insurance firms was approved by the National Insurance Commission (NAICOM) and is vital “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”.

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