We are ready to return NICON to owners - Minister

By Tope Abiola - 11.03.2008

MINISTER of Finance, Dr. Shamsudeen Usman, has said that the Federal Government has expressed its readiness for the resolution of the impasse between the authorities of NICON Insurance and the Federal Government.

He stated in a statement signed by his Special Adviser on Media Matters, Mr. Sani Zorro, that the resolution would be subject to conditions mutually agreed upon between the two parties.

The minister also disclosed that he had directed the National Insurance Commission (NAICOM) to speed up the auditing of NICON’s books, being one of the grounds over which the regulator would intervene in the affairs of the company.

The release maintained that the minister had “in all circumstances been guided by the need to be fair, but firm on critical matters affecting regulation and management of the finance industry.”

He stated that “the minister did not have personal interest whatsoever, either in the ownership structure of NICON or in the litigation initiated against the Federal Government.”

He noted that contrary to reports accusing the ministry officials of stalling the process that would lead to an-out-of-court settlement, the minister had instead taken appropriate steps by directing NAICOM to speed up the auditing of its books.