By Jeph Ajobaju, Chief Copy Editor
New boards and managements have been approved for NICON Insurance and Nigeria Reinsurance Corporation (Nigeria Re) by the National Insurance Commission (NAICOM) for smooth and efficient running of the firms.
The changes are sequel to the takeover of the major investor’s interests by the Asset Management Corporation of Nigeria (AMCON). The Bureau for Public Enterprises (BPE) is also working in partnership with AMCON to stabilise their operations.
The new NICON board has
· Lamis Dikko (Chairman)
· Henry Ationu (Managing Director/Chief Executive Officer)
· John Oyidih (Executive Director, Finance & Admin)
· Alexander Okoh (BPE Director General as Non-Executive Director)
· Ahmed Modibbo (Non-Executive Director, Independent)
The new Nigeria Re board has
· Mela Nunghe (Chairman)
· Olugbenga Falekulo (MD/CEO)
· Olusegun Ilori (ED, Finance & Admin)
· Alexander Okoh (BPE DG as Non-ED)
· Yvonne Isichei (Non-ED, Independent)
The teams are to support the quest of the firms for transparent and accountable management of insurance and to deliver value to stakeholders, according to a statement issued by AMCON Head of Corporate Commissions, Jude Nwauzor.
NICON, one of Africa’s leading insurers, was originally owned by the federal government, established in 1969 to facilitate the development of the insurance industry and also ensure federal assets are fully covered by insurance.
It was privatised in December 2005 in the second phase of the federal government privatisation policy.
NICON is a colossus in the insurance industry with an asset base of N46.9 billion gathered over 50 years of operations carried out in several branches and regional offices.
Nigeria Re was established in 1977 and commenced operations on January 1, 1978 as Nigeria’s flag reinsurer, wholly owned by the federal government.
It has been in operation for over 40 years, assuming risks, providing reinsurance and risk management solutions to clients. It was privatised in 2002 but the government retained some shares.
