NAICOM Approves New Board For NICON Insurance, Nigeria Reinsurance

26th July 2021

The National Insurance Commission (NAICOM) has approved the new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). The change is to enhance the smooth running, efficient and effective management of the two firms. 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. The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko FIoD as Chairman, Dr. Henry Uko Ationu, ACIIN as Managing Director/Chief Executive Officer and Mr John Abuh Oyidih FCA ACIIN as Executive Director, Finance & Admin. The insurance firm also has Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Mr. Ahmed Dahiru Modibbo FIBA ACIS as Non-Executive Director (Independent). Similarly, the board and management of Nigeria Reinsurance Corporation has Mr. Mela Audu Nunghe SAN as Chairman, Mr. Olugbenga Falekulo ACII serves as Managing Director/Chief Executive Officer and Mr. Olusegun Ilori FCA ACIIN comes in as Executive Director, Finance & Admin. Mr. Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Mrs. Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent). The reconstitution of the board and management team of two insurance institutions in Nigeria 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. NICON Insurance Limited, which is one of Africa’s leading Insurers in the country was originally owned by the Federal Government of Nigeria. The Corporation was established by Decree No.22 of 1969 (now Cap 263 law of 1990 as amended) with the main objective of assisting in the development of the insurance industry in Nigeria and specifically to ensure that Federal Government assets and property are fully protected by way of insurance. However, consequent upon the commencement of the second phase of the Federal Government Privatisation Policy, NICON Insurance was privatised in December 2005. With an asset base of N46.9bn gathered over a 50-year period of operation, many branches, and regional offices, it is therefore modest to classify NICON as a colossus in the insurance and other financial services sector. Nigeria Reinsurance Corporation on the other hand was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1st, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has over 40 years of operations is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.