The Asset Management Corporation of Nigeria (AMCON) has taken over the major interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re) which are assets seized from businessman, Jimoh Ibrahim, over a N69.4 billion debt.

In a statement issued on Tuesday, July 27, AMCON said it is working in partnership with the Bureau for Public Enterprises (BPE) to bring the much-needed stability in the operation of the organisations.

AMCON also listed members of the new board for the organizations. The agency added that the list was approved by the National Insurance Commission (NAICOM). 

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For NICON, Lamis Shehu Dikko was appointed as chairman; Henry Uko Ationu, managing director/chief executive officer,  John Abuh Oyidih, executive director, finance & administration, Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Ahmed Dahiru Modibbo FIBA ACIS as Non-Executive Director (Independent). 

Directors for Nigeria Reinsurance Corporation include Mela Audu Nunghe, chairman; Olugbenga Falekulo, managing director/chief executive officer, Olusegun Ilori, executive director, finance & administration, Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE), comes in as Non-Executive Director while Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent). 

The statement added; 

“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.”