Jimoh Ibrahim Loses Two of His Companies to Government's AMCON

Jimoh Ibrahim Loses Two of His Companies to Government's AMCON

  • NICON Insurance Limited and the Nigeria Reinsurance Corporation have been taken over by the Federal Government over debt
  • Asset Management Corporation of Nigeria and the Bureau for Public Enterprises have changed the management of the two companies
  • Lamis Dikko was appointed as NICON chairman, Mela Nunghe was chosen as the chairman of Nigeria Reinsurance Corporation

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The Asset Management Corporation of Nigeria (AMCON) has seized some companies belonging to a Nigerian businessman, Jimoh Ibrahim.

The government agency took over NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re) and changed their management.

The seizure was made due to an alleged N69.4 billion debt owed by Ibrahim. It was gathered that the Bureau for Public Enterprises is also involved in the reorganisation of the firms.

Jimoh Ibrahim Loses Two of His Companies to Government's AMCON
President of Nigeria, Muhammadu Buhari. Photo: Muhammadu Buhari
Source: Getty Images

Who are the new management of NICON, Nigeria Re?

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AMCON and the Bureau for Public Enterprises gave the NICON chairman position to Lamis Dikko, while Henry Ationu was named as the managing director/chief executive officer.

Executive director, finance & administration post was given to John Oyidih, and the Director-General of BPE, Alexander Okoh, was named Non-Executive Director and Ahmed Modibbo occupied the Non-Executive Director (Independent) seat.

For Nigeria Re, the chairman is Mela Nunghe, the MD/CEO is Olugbenga Falekulo, the executive director for finance & administration, is Olusegun Illori.

Also, Okoh was again given the position of Non-Executive Director, and Yvonne Isichei was named the Non-Executive Director (Independent).

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According to Netblocks Cost of Shutting Down Tools, Nigeria has lost over N100 billion during the period of the ban, while Twitter's revenue has grown.

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Source: Legit.ng

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Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: khadeeejathabit@gmail.com