AMCON Takes Over NICON Insurance, Nigeria Re

The Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

To this end, the Bureau for Public Enterprises (BPE) is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations, even as new boards and management have taken over the two entities.

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Hence, the insurance industry regulator, that is, the National Insurance Commission (NAICOM) has approved the new board of NICON Insurance and Nigeria Re.

A statement from the head, corporate communications department, AMCON, Mr. Jude Nwauzor, and made available to AssurPen News yesterday, stated that the change is to enhance the smooth running, efficient and effective management of the two firms.

The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko  as chairman, Dr. Henry Uko Ationu, as the managing director/chief executive officer and Mr John Abuh Oyidih as executive director, Finance & Admin.

The insurance firm also has Mr Alexander Ayoola Okoh, the director-general of Bureau for Public Enterprises (BPE) as non-executive director and Mr Ahmed Dahiru Modibbo as non-executive director (Independent).

Similarly, the board and management of Nigeria Reinsurance Corporation has Mr Mela Audu Nunghe as chairman, Mr Olugbenga Falekulo serves as managing director/chief executive officer and Mr Olusegun Ilori comes in as executive director, Finance & Admin. Mr Alexander Ayoola Okoh, the director-general of BPE comes in as non-executive director while Mrs Yvonne Isichei joins as non-executive director (Independent).

The statement added that, the reconstitution of the board and management team of the 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.

NICON Insurance Limited, which is one of Africa’s leading Insurers in the country, was originally owned by the federal government of Nigeria. However, consequent upon the commencement of the second phase of the federal government privatisation policy, NICON Insurance was privatised in December 2005. It has an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices across the country.

Similarly, Nigeria Reinsurance Corporation commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the federal republic of Nigeria.

In 2002, the corporation was transformed from being a federal government wholly owned corporation to a privatised company with the government retaining some shares.


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