The Asset Management Corporation of Nigerian (AMCON) on Tuesday said it had taken over NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re) over an alleged N69.4 billion debt.
It also said the takeover had been approved by the National Insurance Commission.
Both companies belong to businessman and politician, Jimoh Ibrahim,.
AMCON said that to ensure the efficient and effective management of the two firms, the board and management have also been changed.
“The changes in the board and management of the two insurance firms (follows) 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 chairman of the new board of NICON Insurance Limited is Lamis Dikko, while Henry Ationuas is managing director/Chief Executive Officer and John Oyidih is Executive Director, Finance & Administration.
Also on the board of the insurance firm are Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) (as Non-Executive Director) and Ahmed Modibbo (as Non-Executive Director, Independent).
AMCON announced that the board and management of Nigeria Reinsurance Corporation has Mela Nunghe as chairman; Olugbenga Falekulo, as managing director/Chief Executive Officer; and Olusegun Ilori 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.
In 2016, some of Ibrahim’s assets were seized on the order of a court over his debts to AMCON. He, however, obtained a court injunction a month later discharging the interim order granted to AMCON.
On November 19, 2020, AMCON was able to freeze Ibrahim’s accounts and seized 12 properties following an order given by Justice R.M. Aikawa of the Federal High Court in Lagos.
He subsequently urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”
Also urged the court “to order AMCON to pay N50 billion indemnity for its alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.”
He lost this bid on February 16,2021 when Rilwan Aikawa, the judge at the Lagos Division of the Federal High Court declined his application, Premium Times reported.