Friday, April 28, 2006

Nigerian News - Jimoh Ibrahim Defies Regulator on NICON Insurance Corporation

Embattled Group Chief Executive Officer, NICON Insurance Corporation, Mr. Jimoh Ibrahim, yesterday faulted the directive issued by the National Insurance Commission (NAICOM) for him to step down as head of the insurance firm, affirming that he intended to stay in control as long as he lives.

Ibrahim who stated this yesterday in Abuja at the presentation of cheques to former NICON Insurance staff by the Bureau of Public Enterprises (BPE) for pensions and gratuity, noted that no law in Nigeria prohibits an individual who owns a company from running it.

“I have come to stay for life, only God can remove me because I bought NICON Insurance. It’s my company, I have 70 per cent of it. Insurance is a member of NICON Group. NAICOM can withdraw the licence of Insurance, it doesn’t matter,” declared Ibrahim.

NAICOM, the regulatory body for the insurance sector, had given Ibrahim a 21-day ultimatum to step down as the chief executive of NICON Insurance Plc and also demanded that the firm forward the name of a new CEO within 21 days.

NAICOM threatened to impose appropriate sanction on the company if the directives were ignored. Read More

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