When was nicon established

NICON stands tall in insurance market today. It is driven in its operations; with experienced workforce; spread nationwide with offices located in the 36 states across the six-geopolitical zones in Nigeria, rendering insurance and other financial services and providing employment to the teaming population.

Strive to create profitability driven by products that create competitive advantage that will showcase industry leadership. Repayment of loan of Two Hundred Thousand Naira. Borrowing powers. Limit on borrowing. General reserve fund. Application of profits. Provisions relating to staff. Officers and servants of the Corporation, etc. Managing Director of the Corporation. Secretary of the Corporation. Retirement benefit fund for employees of the Corporation.

Accounts, Returns and Information. Accounts and audit. Power of National Council of Ministers to give directions to auditors, etc. Returns by the Corporation.

Power to call for information from the Corporation. Limitation of suits against the Corporation, etc. Service of documents. Restriction on execution against the property of the Corporation. Indemnity of officers and servants of the Corporation. Miscellaneous and General. False information. Offences by body corporate. Penalty for offences for which no other penalty is provided.

Application of Companies and Allied Matters Act. Winding up of the Corporation. Power of Board to make rules and by-laws. Short title and extent. Supplementary Provisions as to the Corporation and the Board. Speaking at the meeting, Okoh, who is also a board member, said the meeting was a follow-up to the last one by the board where far-reaching decisions, including the immediate termination of the appointments of the erstwhile managing director and executive directors of the insurance company were taken.

A statement issued by the Head, Public Communications, BPE, Amina Tukur Othman, quoted Dikko as saying that the mandate of the new board was to preserve NICON Insurance as a going concern until a new investor comes on-board, as the previous owner had failed to sustain and maintain the organisation. He assured all employees desirous of working for the organisation that they had nothing to fear but said they should support the new board to turn around the fortunes of the company.

Speaking also, the interim Managing Director, Mr. Oyidiih told the workers that they owed their allegiance to the company, and not to any individual.

NICON Insurance was privatised in , with the core investor having 70 per cent shares and the federal government retaining 30 per cent. The court ruled in favour of AMCON but the investor went on appeal, and the court asked the parties to maintain the status quo.