The Asset Management Corporation of Nigeria, AMCON, has taken over major interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (NigeriaRe).
Recall that AMCON in 2020 was granted power by the court to take over the two assets, which were part of properties seized from a Nigerian lawyer and businessman, Jimoh Ibrahim over N69.4 billion debt.
Also a federal high court in Abuja held in February that AMCON concealed facts relating to the case to obtain an interim order on the assets, thereby setting aside the order granting AMCON permission to take.
However, AMCON in a statement made available to newsmen on Tuesday, 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, adding that the National Insurance Commission, NAICOM, had approved the new board and management for the two firms.
Members of the new board for NICON Insurance were given as follows: 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).
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 joins as Non-Executive Director (Independent).
“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 statement reads.
