AMCON to acquire Nicon Insurance and Nigeria Re's operations

The National Insurance Commission (NAICOM) has approved the acquisition of Nicon Insurance and Nigeria Re by the Asset Management Corporation of Nigeria (AMCON). The regulatory authority has also approved the new board of directors and management of the two companies.

Nicon Insurance and Nigeria Re were both majority-owned by businessman Jimoh Ibrahim. They have been seized by the authorities for failure to pay a debt of 69.4 billion NGN (168.39 million USD).