The Asset Management Corporation of Nigerian (AMCON),has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re)over an alleged N69.4 billion debt.
AMCON has changed the board and management of the two firms to enhance their smooth running, efficient and effective management.
The agency disclosed that its agency’s action has been approved by National Insurance Commission.
AMCON said in a statement that:“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 (AMCON), and the Bureau for Public Enterprises (BPE) is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations,” AMCON said in a statement.
The new board of NICON Insurance Limited has Lamis Dikko as its Chairman, Henry Ationuas, Managing Director/Chief Executive Officer and John Oyidih as Executive Director, Finance & Admin.
The insurance firm also 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).
“Similarly, the board and management of Nigeria Reinsurance Corporation has Mela Nunghe as Chairman, Olugbenga Falekulo, serves as Managing Director/Chief Executive Officer and Olusegun Ilori comes in as Executive Director, Finance & 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 added that the reconstitution of the board and management team of two insurance institutions 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.
584000cookie-checkN69bn Debt:AMCON Takes Over Jimoh Ibrahim’s Insurance Firms
