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]
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]
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]
{{cite web}}: |last= has generic name (help)