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AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation - Business - Nairaland

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₦69.4 Billion Debt: AMCON Takes Over Jimoh Ibrahim’s Assets / AMCON Takes Over Festus Fadeyi's Pan Ocean Assets Over N240b Debt / N3.6 Billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar (2) (3) (4)

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AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by limcar: 6:47pm On Jul 27
The Asset Management Corporation of Nigerian (AMCON) on Tuesday announced it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were taken over an alleged N69.4 billion debt.

To enhance the smooth running, efficient and effective management of the two firms, the board and management has been changed, AMCON said.

It said the take-over has been approved by National Insurance Commission.

“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 said 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.

Longstanding debt
In 2016, a court ordered the seizure of some assets from Mr Ibrahim over his debts to AMCON but he obtained a court injunction a month later discharging the interim order granted to AMCON.

On November 19, 2020, following an order granted by Justice R.M. Aikawa of the Federal High Court in Lagos, AMCON was able to freeze the businessman’s accounts and also seize 12 properties.


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.

He also has many unresolved corruption cases with the Economic and Financial Crime Commission (EFCC) , the Federal Inland Revenue Service (FIRS) and a US firm, Aersale Inc.

https://www.premiumtimesng.com/news/top-news/476019-n69-billion-debt-amcon-takes-over-nicon-insurance-nigeria-reinsurance-corporation.html

4 Likes 1 Share

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Fahdiga(m): 6:52pm On Jul 27
Jimoh Ibrahim that wanted to govern Ondo state so that he can loot the state dry

42 Likes 3 Shares

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Monogamy: 6:59pm On Jul 27
Should AMCON recovered all the money the politicians and acclaimed business men are owing, Nigeria would be more richer

7 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Monogamy: 7:01pm On Jul 27
Fahdiga:
Jimoh Ibrahim that wanted to govern Ondo state so that he can loot the state dry

You know, Ifeanyi Ubah story is almost the same

33 Likes 3 Shares

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Maxymilliano(m): 7:07pm On Jul 27
Jimoh Ibrahim is a corporate virus that ground businesses.

Global Fleet, Energy Oil, Nicon Insurance, Nigeria Reinsurance Co etc

22 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by favor914: 7:14pm On Jul 27
Monogamy:
Should AMCON recovered all the money the politicians and acclaimed politicians are owing, Nigeria would be more richer
Jargon, stop comparing oranges with grapes.

5 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by favor914: 7:15pm On Jul 27
Maxymilliano:
Jimoh Ibrahim is a corporate virus that ground businesses.

Global Fleet, Energy Oil, Nicon Insurance, Nigeria Reinsurance Co etc
Government done seize all em properties for VGC.

5 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by vedaxcool(m): 7:32pm On Jul 27
Just 20 of them gather bad debt that can sink our banking sector.

10 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by slawormiir: 7:40pm On Jul 27
Damnnn niggar..
. Isoright
Bunch of moda fuckkers not well grounded in business will just wake up one morning and delve into it
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by gadgetplanetng: 7:40pm On Jul 27
Nigeria 1 Havard 0

1 Like

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Sheuns(m): 7:40pm On Jul 27
Awon entrepreneurs
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Lanre4uonly(m): 7:40pm On Jul 27
It is well.
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Nobody: 7:41pm On Jul 27
hmm issoright
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by thundafire: 7:41pm On Jul 27
Hope Ebaeno supermarket didn't do insurance with NiCON b4 dey get double attack

2 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by ologuntheo(m): 7:41pm On Jul 27
Wah ala
Wea una dey see did money
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by perambulator: 7:41pm On Jul 27
Does this man have any company that has actually endured? it looks like he just uses his companies to obtain loans and abscond!

9 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by wman(m): 7:42pm On Jul 27
Jimoh Ibrahim is a disaster
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by wman(m): 7:42pm On Jul 27
Double post.
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by southniyikaye(m): 7:42pm On Jul 27
Toor, problem no dey finish o
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Lanretoye(m): 7:42pm On Jul 27
All na loan dem dey take service am before,they area dubbed as being wealthy whereas its bank loan and poor people's money they are using to finance their buisinesses.when they dont have opportunities of these loans again,they rather declare the business bankrupt.the gove should look into other assets and buisnesses they have aquired after the company for pissible takeover cos thats where the hole funds go.

3 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by DWJOBScom(m): 7:44pm On Jul 27
Very horrible man
Even the banks that gives him the loans should be persecuted.
Despite knowing how terrible he mismanage loans still approves loans to him.
Even his purported move to APC didn't help him
Well done EFCC on this one
I hope you find more properties to seize

5 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by SimplyFacts: 7:45pm On Jul 27
The rich also cry angry
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Guyman02: 7:46pm On Jul 27
Genuine hustlers are seeking for N500k from the banks to boost their business they won't but one person has collected N69b and failed to deliver, AMCON should be jailing these people not taking over carcases of their failed business alone

5 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by IamDavid(m): 7:47pm On Jul 27
Oh my Jimoh
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by candidbabe(f): 7:47pm On Jul 27
Phweeeeeewwwww
64 billion what?
They will be flexing on loans and the poor ones will be asking

God when??

1 Like

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by PAtoGCFR2034: 7:48pm On Jul 27
favor914:
Jargon, stop comparing oranges with grapes.

Some of these guys that constitute a public nuisance here are less than half educated
Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Fahdiga(m): 7:48pm On Jul 27
Monogamy:


You know, Ifeanyi Ubah story is almost the same
What concerns Ifeanyi Uba with this post?

2 Likes

Re: AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation by Ishilove: 7:49pm On Jul 27
NICON? Now this is a surprise

He also has many unresolved corruption cases with the Economic and Financial Crime Commission (EFCC) , the Federal Inland Revenue Service (FIRS) and a US firm, Aersale Inc.
Only you, Jimoh?? Criminal element

2 Likes

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