The Asset Management Corporation of Nigeria (AMCON) has appointed new boards to take over the operations of NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).
Consequent upon this, the core investors interest ceases as the partnership of Bureau for Public Enterprises (BPE) and AMCON transfers the operations of the two firms to new boards and management that has received the endorsement of the National Insurance Commission.
AMCON statement by head, corporate communications Mr. Jude Nwauzor, yesterday, said the change would enhance smooth, efficient and effective management of the two firms. The Corporation announced that the two companies where embattled businessman cum politician, Jimoh Ibrahim, own majority interests, were taken over on account of alleged N69.4bn debt.
AMCON comments, “The reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria, and the Bureau for Public Enterprise is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations.”
The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko as chairman, Dr. Henry Uko Ationu, as the managing director/chief executive officer and Mr John Abuh Oyidih as executive director, Finance & Admin. Mr Alexander Ayoola Okoh, the director-general of Bureau for Public Enterprises (BPE) as non-executive director and Mr Ahmed Dahiru Modibbo as non-executive director (Independent).
The board and management of Nigeria Reinsurance Corporation has Mr Mela Audu Nunghe as chairman, Mr Olugbenga Falekulo serves as managing director/chief executive officer and Mr Olusegun Ilori is the executive director, Finance & Admin. Mr Alexander Ayoola Okoh, the director-general of BPE comes in as non-executive director while Mrs Yvonne Isichei joins as non-executive director (Independent).
NICON Insurance Limited, was originally owned by the federal government of Nigeria. It was privatised in the second phase of the federal government privatisation policy in December 2005. It has an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices across the country.
Similarly, Nigeria Reinsurance Corporation was established based on UNCTAD request to developing countries to establish efficient state insurance and reinsurance companies to stem loss of insurance and reinsurance premiums to developed markets. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the federal republic of Nigeria.
In 2002, the corporation was transformed from being a federal government wholly owned corporation to a core private investor controlled company with the government retaining minority of 49 percent shares.
