The new board of directors and management of NICON Insurance Limited and Nigeria Reinsurance Corporation have been approved by the National Insurance Commission (NAICOM) (Nigeria Re). The adjustment is intended to improve the seamless operation, efficiency, and effectiveness of the two businesses.
The reason for the changes in the boards and management of the two insurance firms is that the Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in the two organizations, and the Bureau for Public Enterprises (BPE) is collaborating with AMCON to bring much-needed stability to the organizations’ operations.
Mr Lamis Shehu Dikko FIoD is the new Chairman of NICON Insurance Limited, with Dr Henry Uko Ationu, ACIIN as Managing Director/Chief Executive Officer and Mr John Abuh Oyidih FCA ACIIN as Executive Director, Finance & Administration.
Mr Alexander Ayoola Okoh, Director-General of the Bureau for Public Enterprises (BPE), and Mr Ahmed Dahiru Modibbo FIBA ACIS are also Non-Executive Directors at the insurance firm (Independent).
Mr Mela Audu Nunghe SAN chairs the board and management of Nigeria Reinsurance Corporation, while Mr Olugbenga Falekulo ASCII is the Managing Director/Chief Executive Officer and Mr Olusegun Ilori FCA ACIIN is the Executive Director, Finance & Administration.
Mr Alexander Ayoola Okoh, Director-General of the Bureau for Public Enterprises (BPE), has been appointed as a Non-Executive Director, while Mrs Yvonne Isichei MIoD, FCIB has been appointed as a Non-Executive Director (Independent).
The reorganization of the boards of directors and management teams of two Nigerian insurance institutions aims to guarantee that the companies continue to pursue transparent and responsible insurance management while also delivering value to their stakeholders.
The Federal Government of Nigeria initially owned NICON Insurance Limited, which is now one of Africa’s major insurers. The Corporation was created by Decree No.22 of 1969 (now Cap 263 of 1990 as modified) with the primary goal of supporting the growth of the insurance industry in Nigeria, particularly to ensure that Federal Government assets and property are protected.
NICON Insurance, on the other hand, was privatized in December 2005, following the start of the second phase of the Federal Government Privatisation Policy. It is therefore mild to designate NICON as a giant in the insurance and other financial services sector, with an asset base of N46.9 billion accumulated during 50 years of operation, many branches, and regional offices.
The Nigeria Reinsurance Corporation was created in 1977 under the Nigeria Reinsurance Corporation Act No. 49. It began operations as Nigeria’s flag reinsurer on January 1, 1978, and is entirely owned by the Federal Republic of Nigeria. The Corporation was converted from a completely owned Federal Government corporation to a privatized enterprise in 2002.
The Corporation, which has been in business for over 40 years, assumes risks, provides reinsurance services, and risk management solutions to its clients.