AMCON sacks management of NICON, Nigeria Reinsurance, takes over control
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Barrister Jimoh Ibrahim in the eye of the storm
The two remaining multi-billion Naira businesses that were hitherto owned by Barrister Jimoh Ibrahim, {owner of defunct Nicon Airline and lately, Air Nigeria,} have been wrestled from him by the Asset Management Corporation of Nigeria, AMCON, and new management and board of directors assembled to continue running the affairs of those companies.
By the instrumentality of the law as procured from the judiciary, AMCON had divested powers from the board of directors and management of NICON Insurance Limited and a similar fate had fallen on the Nigeria Reinsurance Corporation (Nigeria Re) which hitherto were owned by businessman, Jimoh Ibrahim.
In a statement released by AMCON, it says the management of NICON and Nigeria Re have been replaced with persons selected by the agency and Bureau for Public Enterprises (BPE).
The statement reads inter alia that “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.”
For NICON Ltd, the newly appointed Chairman is Lamis Dikko, and the Managing Director/Chief Executive Officer, is Henry Ationu. Mr John Oyidih was handed the Executive Director, Finance & Administration position, while BPE Director-General, Alexander Okoh, will serve as a Non-Executive Director, and Ahmed Modibbo will be a Non-Executive Director (Independent).
Another company involved was the change of management of the Nigeria Re Insurance. AMCON has appointed Mela Nunghe, to serve as Chairman of the reconstituted board. While Mr Olugbenga Falekulo, would henceforth continue to function as the Managing Director/Chief Executive Officer, CEO, and Olusegun Ilori, would function and occupy the position of Executive Director, Finance & Administration.
Furthermore, the Bureau for Public Enterprises, BPE, Director-General, Mr Okoh, would also be on the board of Nigeria Reinsurance. Also on the board is Yvonne Isichei, who would function as Non-Executive Director (Independent).
It can be recalled that AMCON and the businessman erstwhile owner of the companies, Jimoh Ibrahim, have been at daggers drawn over N69.4 billion debt which the government’s debt recovery agency is trying to recover from him and which have been a subject of litigation.
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