Nigeria’s biggest insurance firm, NICON loses license, taken over by receiver manager

Nigeria’s biggest security company, National Insurance Corporation of Nigeria, NICON, has yet mislaid its operational licence and taken implicit by a Receiver Manager.

The operational licence of NICON – owned by the Federal Government and established successful 1969 by Decree 2 – has been revoked by the National Insurance Commission, NAICOM, Nigeria’s security regulatory body.

NICON’S operational licence marked RIC – 049, was cancelled by NAICOM pursuing the company’s persistent nonaccomplishment to conscionable prescribed regulatory requirements.

Following the revocation of the operational licence, NAICOM has appointed a Senior Advocate of Nigeria, SAN, Chukwuma-Machukwu Ume, arsenic Receiver and Provisional Liquidator of the company.

In a swift determination to safeguard the properties of the ailing NICON, the Receiver Manager and Provisional Liquidator has issued a nationalist announcement notifying policy-holders, creditors, concern partners, national and authorities governments, the FCT and onshore registries to nonstop matters concerning the affairs, assets and concern of the institution to it.

The notification warned that transactions, contracts, commitments oregon different dealings purportedly undertaken connected behalf of NICON, being In-Liquidation, would not beryllium honoured without the ratification of Receiver and Li...