National Insurance Corporation of Nigeria
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
[edit]NICON 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
[edit]In 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
[edit]References
[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.