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NAICOM Approves NICON Insurance, Nigeria Reinsurance new boards

The National Insurance Commission (NAICOM) has approved the new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

This followed the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON).
In a statement, Head, Corporate Communications Department, Jude Nwauzor, said the Bureau for Public Enterprises (BPE) is partnering with AMCON to stabilize in the operation of the organisations.
The board and management changes, he said is to enhance the smooth running, efficient and effective management of the two firms.
AMCON listed the new board of NICON Insurance Limited as Lamis Shehu Dikko, Chairman; Henry Uko Ationu, Managing Director/Chief Executive Officer and John Abuh Oyidih, Executive Director, Finance & Administration.
Others are Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) Non-Executive Director and Ahmed Dahiru Modibbo, Non-Executive Director (Independent).

Similarly, the members of board and management of Nigeria Reinsurance Corporation are Mela Audu Nunghe, Chairman; Olugbenga Falekulo, Managing Director/Chief Executive Officer and Olusegun Ilori, Executive Director, Finance & Administration.

Okoh, is now Non-Executive Director while Mrs. Yvonne Isichei, joined as Non-Executive Director (Independent).
“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,” the statement said.
The NICON Insurance Limited, which is one of Africa’s leading Insurers in the country was originally owned by the Federal Government of Nigeria. The Corporation was established by Decree No.22 of 1969 (now Cap 263 law of 1990 as amended) with the main objective of assisting in the development of the insurance industry in Nigeria and specifically to ensure that Federal Government assets and property are fully protected by way of insurance.

However, consequent upon the commencement of the second phase of the Federal Government Privatisation Policy, NICON Insurance was privatised in December 2005. With an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices, it is therefore modest to classify NICON as a colossus in the insurance and other financial services sector.

Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It 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. The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

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