AMCON Takes Over NICON Insurance, Nigeria Re

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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) as part of the properties seized from Jimoh Ibrahim, a Nigerian businessman, over N69.4 billion debt.

In a statement released 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 read.

“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.

AMCON added that 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.”




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