NICON Insurance Limited, originally established as the National Insurance Corporation of Nigeria (NICON or NICON Insurance) was a Nigerian insurance company owned by the Federal Government of Nigeria from its establishment in 1969 till it was privatized in 2005.[1]
History
editNICON Insurance was the biggest insurance in Nigeria prior to its privatization under the Olusegun Obasanjo administration.[2] NICON Insurance was privatised in 2005 as part of Nigeria’s broader economic reform and privatisation programme under the Bureau of Public Enterprises.[3] A core investor group led by businessman Jimoh Ibrahim acquired a 70% equity stake in the company, while the Federal Government of Nigeria retained a 30% shareholding.[4]
Takeover
editIn July 2021, the Asset Management Corporation of Nigeria (AMCON) took over the major interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re) from Jimoh Ibrahim, over a N69.4 billion debt.[5][6]
NICON is now being restructured to focused on debt resolution, improved governance, and adherence to regulatory standards.[7][8] NICON Insurance still owes billions of Naira in unpaid claims.[9][10]
See also
editReferences
edit- ↑ Nigeria, Guardian (18 April 2016). "NICON Insurance restructures, plans return to profitability". The Guardian. Lagos, Nigeria. Retrieved 2 August 2025.
- ↑ Royal, David O. (22 August 2022). "Unpaid claims: NAICOM moves to axe erring insurance firms". Vanguard. Lagos, Nigeria. Retrieved 2 August 2025.
- ↑ "Dikko's Led NICON Insurance Board Takes Over As Okoh Decries Firm's Decay – Bureau of Public Enterprises (BPE)". Retrieved 2 August 2025.
- ↑ "Privitisation: How Nigeria was silently fleeced of billions..." Daily Trust. Retrieved 2 August 2025.
- ↑ Azeez, Wasilat (27 July 2021). "AMCON takes over NICON Insurance, Nigeria Reinsurance". TheCable. Retrieved 2 August 2025.
- ↑ Nwafor (28 July 2021). "AMCON takes over NICON". Vanguard. Lagos, Nigeria. Retrieved 2 August 2025.
- ↑ "New NICON Insurance bracing for market competition, service delivery". BusinessDay. Lagos, Nigeria. 2 September 2015. Retrieved 2 August 2025.
- ↑ BusinessDay (13 April 2016). "NICON earmarks $10 million for restructuring". BusinessDay. Lagos, Nigeria. Retrieved 2 August 2025.
{{cite news}}:|last=has generic name (help) - ↑ Rapheal (30 April 2025). "Shattered trust: How management missteps tainted insurance". The Sun. Lagos, Nigeria. Retrieved 2 August 2025.
- ↑ Tolu-Kusimo, Omobola (2 April 2025). "Mixed reactions trail N34b claims default". The Nation. Lagos, Nigeria. Retrieved 2 August 2025.