FG okays new boards for NICON, Nigeria Re

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…After AMCON recovered firms from Jimoh Ibrahim

The Federal government, through the National Insurance Commission (NAICOM), has approved the new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

This followed the takeover of the interests of the major investor (Jimoh Ibrahim) in the two organisations by the Asset Management Corporation of Nigeria (AMCON).

The Head, Corporate Communications Department, Jude Nwauzor, said the Bureau for Public Enterprises (BPE) is partnering AMCON to stabilise the operations of the organisations.

AMCON listed members of the new board of NICON Insurance as Lamis Shehu Dikko, Chairman; Henry Uko Ationu, Managing Director/Chief Executive Officer and John Abuh Oyidih, Executive Director, Finance & Administration, among others.

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.

Okoh is the Non-Executive Director while Mrs. Yvonne Isichei, joined 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 said.

NICON Insurance, one of Africa’s leading insurers, was owned by the Federal Government. It was established by Decree No.22 of 1969 (now Cap 263 law of 1990 as amended) to develop the industry and ensure that the government assets and property are protected by insurance.

Upon the commencement of the second phase of the Federal Government Privatisation Policy, NICON Insurance was privatised in December 2005. With an asset base of N46.9billion gathered over 50 years, many branches, and regional offices, it is, therefore, modest to classify NICON as a colossus in the insurance and other financial services sector.

Nigeria Reinsurance Corporation, on the other hand, was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, owned by the Federal Government. In 2002, the corporation was privatised with the government retaining some shares. The corporation is over 40 years old.

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