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The Asset Management Company of Nigeria, AMCON, has effectively taken over National Insurance Corporation of Nigeria,

NICON Insurance was privatised in 2005 with the core investor having 70 per cent shares, and the Federal Government retaining 30 per cent.

The Federal Government shares were later diluted but the fortunes of the company continued to decline, with the core investor allegedly using most of the assets as collateral to collect loans from banks.

This prompted AMCON to take over affairs of the company, a decision the core investor went to court to challenge.

The court ruled in favour of AMCON but the investor went on an appeal and the court asked the parties to maintain the status quo, which led to Monday’s take over by the new board.

The Bureau of Public Enterprises, BPE, said in a statement, yesterday, that a  new board took over the company and pledged to turn around its fortunes.

– Parrot Nigeria

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