N69 billion Debt: AMCON takes over Nicon Insurance, Nigeria Reinsurance Corporation

N69 billion Debt: AMCON takes over Nicon Insurance, Nigeria Reinsurance Corporation

The Asset Management Corporation of Nigerian (AMCON) on Tuesday reported it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

The two organizations having a place with the beset financial specialist and legislator, Jimoh Ibrahim, were assumed control over a supposed N69.4 billion obligation.

To improve the smooth running, proficient and compelling administration of the two firms, the board and the executives has been changed, AMCON said.

It said the take-over has been endorsed by National Insurance Commission.

“The justification the progressions in the board and the executives of the two protection firms is spin-off of the takeover of the significant financial backer’s inclinations in the two associations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) is working in association with AMCON to get the truly necessary dependability the activity of the associations,” AMCON said in an articulation.

The new leading group of NICON Insurance Limited has Lamis Dikko as its Chairman, Henry Ationuas Managing Director/Chief Executive Officer and John Oyidih as Executive Director, Finance and Admin.

The protection firm additionally has Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Ahmed Modibbo FIBA ACIS as Non-Executive Director (Independent).

“Additionally, the board and the board of Nigeria Reinsurance Corporation has Mela Nunghe as Chairman, Olugbenga Falekulo fills in as Managing Director/Chief Executive Officer and Olusegun Ilori comes in as Executive Director, Finance and Admin. Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Yvonne Isichei, FCIB joins as Non-Executive Director (Independent),” AMCON said.

It said the reconstitution of the board and supervisory crew of two protection foundations is to guarantee that the organizations proceed as they continued looking for straightforward and responsible administration of protection in the nation, and keep on conveying worth to its partners.

Longstanding obligation

In 2016, a court requested the capture of certain resources from Mr Ibrahim over his obligations to AMCON yet he got a court directive a month after the fact releasing the break request allowed to AMCON.

On November 19, 2020, following a request allowed by Justice R.M. Aikawa of the Federal High Court in Lagos, AMCON had the option to freeze the financial specialist’s records and furthermore hold onto 12 properties.

He hence asked the court to save the request for “non-revelation and distortion of material realities”.

Likewise asked the court “to arrange AMCON to pay N50 billion reimbursement for its supposed inability to lead due determination prior to getting the said request and for distortion and disguise of reality”.

He lost this bid on February 16,2021 when Rilwan Aikawa, the appointed authority at the Lagos Division of the Federal High Court declined his application.

He additionally has numerous unsettled defilement cases with the Economic and Financial Crime Commission (EFCC), the Federal Inland Revenue Service (FIRS) and a US firm, Aersale Inc.