To enhance the smooth running, efficient and effective management of the two firms, the board and management has been changed, AMCON said.
It said the take-over has been approved by National Insurance Commission.
“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,” AMCON said in a statement.
The new board of NICON Insurance Limited has Lamis Dikko as its Chairman, Henry Ationuas Managing Director/Chief Executive Officer and John Oyidih as Executive Director, Finance & Admin.
The insurance firm also has Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Ahmed Modibbo FIBA ACIS as Non-Executive Director (Independent).
“Similarly, the board and management of Nigeria Reinsurance Corporation has Mela Nunghe as Chairman, Olugbenga Falekulo serves as Managing Director/Chief Executive Officer and Olusegun Ilori comes in as Executive Director, Finance & Admin. Alexander Okoh, the Director-General of Bureau for Public Enterprises (BPE) comes in as Non-Executive Director while Yvonne Isichei, FCIB joins as Non-Executive Director (Independent),” AMCON said.
It said the reconstitution of the board and management team of two insurance institutions 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.
He regretted that the enterprise, which was a going concern before privatisation was grossly mismanaged, appealed to the management and staff to collaborate and cooperate with the Board on its rescue mission to bring NICON insurance to operational vibrancy and on a pedestal to divest again.
Also speaking, the interim Managing Director, Mr. John Oyidiih, charged the workers to cooperate with the Board and management to reclaim the lost glory of the insurance company “which is an institution and can’t be allowed to go down,” adding that “you do not need to hold an allegiance to any individual but the institution.”
-Premium Times.