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Abuja Court adjourns case against AMCON over NICON take over

A Federal High Court sitting in Abuja on Monday adjourned the case between businessman, Jimoh Ibrahim and the Assets Management Corporation of Nigeria (AMCON) over the corporation move to reconstitute the board of NICON Insurance and Nigeria Re.

The case was adjourned till September 8, 2021, following undertaking by the corporation to stay action on the reconstitution of the board of the two insurance firms.

Ibrahim had dragged the country’s ‘bad bad’ to court over the take over of NICON Insurance and Nigeria Re by the Corporation by AMCON.

Last month, the court had issued a restraining order against AMCON from reconstituting or appointing board and management for the two insurance firms.

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The interim order was sequel to a Ex Parte Motion filed by Jimoh Ibrahim and NICON Investment Limited and others against the reconstitution of the board and management of NICON by the country’s ‘bad bank.’

Prior to the restraining order, AMCON had assumed full control of the assets of NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re), previously owned by the federal government but sold to the businessman, Ibrahim during the privatisation programme of public assets.

In a statement, the corporation announced the appointment of Henry Uko Ationu as the new Chief Executive Officer of NICON and Olugbenga Falekulo as the new Chief Executive Officer of the Nigeria Re.

The ‘bad bank’ also stated that the National Insurance Commission (NAICOM) had approved the new board and management for the two firms.

Ibrahim is said to be owing AMCON N69.4 billion debt bought from legacy banks during the banking reforms.

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