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Thursday, May 26, 2022


AMCON takes over NICON, Nigeria Re over Ibrahim N63 bln debt, appoints new board

Nigeria’s ‘bad bank’, the Asset Management Corporation of Nigeria (AMCON) on Tuesday announced the appointment of new boards and managements for two insurance firms, owned by Jimoh Ibrahim, in a bid to assume control of the companies.

AMCON said it has 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.

In a statement, AMCON said the National Insurance Commission (NAICOM) had approved the new board and management for the two firms.

The corporation said it is working in partnership with the Bureau for Public Enterprises (BPE) to bring the “much-needed stability” in the operation of the NICON and Nigeria Re.

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“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 ‘bad bank’ said.

The corporation had ealier appointed a Receivership/Manager for NICON Hotels, also owned by Ibrahim in a bid to recover the over N69.4 billion outstanding debt owed AMCON by Ibrahim.

Last month, Ibrahim had placed advertorial in major newspapers in the country to disclaim plans by the AMCON to dispose off the assets of the NICON Hotels.

The take over of both NICON Insurance and Nigeria Re was attributed to a court order that granting AMCON 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 businessman 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.

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