New boards, managements for NICON, Nigeria Re following AMCON take over

Other disbursements by the CBN on a year to date analysis are as follows:

Under the N1.0 trillion Real Sector Facility, the CBN released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro based industry, 32 in services and 11 in mining.

In the area of the N100 billion Healthcare Sector Intervention Facility (HSIF), the sum of N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services.

Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for Covid-19 and Lassa Fever.

National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers, to nine (9) DisCos, for the procurement and installation of 657,562 electricity meters.

On the Nigerian Electricity Market Stabilization Facility - 2 (NEMSF-2), the CBN released N120.29 billion to 11 DisCos, to provide liquidity support and stimulate critical infrastructure investment needed to improve service delivery and collection efficiency.

THE NATION AL INSURANCE COMMISSION (NAICOM) has granted approval for a new board and management to take over NICON Insurance and Nigeria Re as the regulator hands over the leadership of the insurers to the Asset Management Corporation of Nigeria (AMCON).

The change in leadership is expected to see the Bureau for Public Enterprises (BPE) work in partnership with AMCON to bring the muchneeded stability to the operation of the organisations.

A statement Jude Nwauzor, head, corporate communications department, AMCON, said that the change is to enhance the smooth running, efficient and effective management of the two firms.

He added that the reconstitution of the board and management team of the two insurance institutions in Nigeria 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 their stakeholders.

NAICOM had earlier in the year withdrawn the operating licence of UNIC Insurance from operating as an insurance firm while it appointed Hadiza Baba Gimba to act as the receiver/liquidator to wind-up the affairs of the company.

The recent changes will see Lamis Shehu Dikko act as the chairman, Henry Uko Ationu as the managing director/chief executive officer and John Abuh Oyidih as executive director, finance and administrtion, while Alexander Ayoola Okoh, the director-general of Bureau for Public Enterprises (BPE) will serve as non-executive director and Ahmed Dahiru Modibbo as independent non-executive director for NICON. Similarly, for the board and management of Nigeria Reinsurance Corporation, Mela Audu Nunghe will head it as chairman, while Olugbenga Falekulo will serve as managing director/chief executive officer, and Olusegun Ilori as executive director, finance and administration.

NICON Insurance Limited was originally owned by the federal government of Nigeria but was privatised in December 2005 consequent upon the commencement of the second phase of the federal government privatisation policy.