NAICOM ‘ll soon hand over NICON

Ayeleso Oladele, Lagos - 09.05.2008

The Federal Commissioner for Insurance and the boss, National Insurance Commission (NAICOM), Mr. Fola Daniel has disclosed the readiness of the commission to return NICON Insurance Plc and Nigeria Reinsurance Corporation to its core investor in no distance time.

Mr. Fola Daniel who disclosed this at chat with Insurance Correspondents in Lagos yesterday said that the commission, from on set has no plan to hold onto NICON insurance beyond three months but due to what the interim management discovered lingered till moment.

According to him, he said that the original aim of the commission was to appoint an interim management for NICON and saddle them with the responsibility of looking into the books of the company within three months and rectify all the anomalies in which the commission had received several petitions which led to its intervention.

He said that the intervention of NAICOM in the operation of NICON insurance and Nigeria Re are in the interest of the public, particularly policy holders and to further protect the interest of the investors.

Mr. Daniel further disclosed that the focus of NAICOM is to provide a new and enviable pedestal for the insurance industry in Nigeria and to reposition the industry which has led to NAICOM as the regulatory authority to go through some fortification.