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Tuesday, May 17, 2022

An Abuja Court stops AMCON board appointment for NICON, Nigeria Re

An Abuja Federal High Court has issued a restraining order against the Assets Management Corporation of Nigeria (AMCON) from reconstituting or appointing board and management for NICON Insurance owned by businessman Jimoh Ibrahim.

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

The suit No: PHC/ABJ/CS/760/2021 dated July 29, 2021 and filed on July 30, 2021 by the attorneys to the applicants, C.I. Okpoko, and C.C. Ogbonna, prayed for an interim order to set down the instant suit for accelerated hearing.

Upon reading and hearing the affidavit in support of the application, verifying affidavit and affidavit of urgency all disposed to by William Aroeote, company secretary of NICON Investment Limited, the presiding judge, A.R. Mohammed granted the prayers.

The court ordered that an order is made setting down the instant suit for accelerated hearing.

“The interim order shall last for 14 days only in order to prevent the res and enable to the court take the motion on notice for interlocutory order of injunction.

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“The court also ordered that all the defendants be served with all the processes filed in the suit.

“The applicants shall file a written undertaking to indemnify defendants in damages if the interim orders ought not to have been made or even applied for.

“These orders are made pursuant to the provisions of order procedure1(2),(3)and 2(1) and order 56 rule 1 all of the federal High Court(civil procedure) rules, 2019.

“The suit was therefore adjourned to August 2021 for hearing of the plaintiffs’ motion on notice for interlocutory order of injunction,” the ruling stated.

On Tuesday, 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.

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

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