Jimoh Ibrahim Loses Two of His Companies to Government's AMCON
- NICON Insurance Limited and the Nigeria Reinsurance Corporation have been taken over by the Federal Government over debt
- Asset Management Corporation of Nigeria and the Bureau for Public Enterprises have changed the management of the two companies
- Lamis Dikko was appointed as NICON chairman, Mela Nunghe was chosen as the chairman of Nigeria Reinsurance Corporation
The Asset Management Corporation of Nigeria (AMCON) has seized some companies belonging to a Nigerian businessman, Jimoh Ibrahim.
The government agency took over NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re) and changed their management.
The seizure was made due to an alleged N69.4 billion debt owed by Ibrahim. It was gathered that the Bureau for Public Enterprises is also involved in the reorganisation of the firms.
Source: Getty Images
Who are the new management of NICON, Nigeria Re?
AMCON and the Bureau for Public Enterprises gave the NICON chairman position to Lamis Dikko, while Henry Ationu was named as the managing director/chief executive officer.
Executive director, finance & administration post was given to John Oyidih, and the Director-General of BPE, Alexander Okoh, was named Non-Executive Director and Ahmed Modibbo occupied the Non-Executive Director (Independent) seat.
For Nigeria Re, the chairman is Mela Nunghe, the MD/CEO is Olugbenga Falekulo, the executive director for finance & administration, is Olusegun Illori.
Also, Okoh was again given the position of Non-Executive Director, and Yvonne Isichei was named the Non-Executive Director (Independent).
Nigerians losing billions to Twitter ban
The ban on Twitter is hurting Nigerians more than it is affecting Jack Dorsey, the founder of the social networking site. The ban has lasted for over 51 days.
According to Netblocks Cost of Shutting Down Tools, Nigeria has lost over N100 billion during the period of the ban, while Twitter's revenue has grown.
In the second quarter of 2021, Twitter generated $1.19 billion, and the company has projected its revenue will increase to about $1.22 billion or $1.3 billion in Q3 this year.
Source: Legit.ng
