Abuja — In spite of a subsisting court order, the federal government yesterday took over the management of NICON Insurance Plc and Nigeria Re-Insurance from Barrister Jimoh Ibrahim as it also announced the list of 49 insurance companies authorised to do business in Nigeria.

However, government has set up interim management committees for the two companies for the period they would be verified until it takes a final decision on them.

Making these known yesterday, the minister of state for finance, Mr. Remi Babalola, said that the government has equally approved the immediate release of the N80 billion recapitalisation fund

contributed by insurance companies and being held in an escrow account at the Central Bank of Nigeria.

It will be recalled that the group managing director of the two companies, Jimoh Ibrahim, had been locked in legal battle over the verification of the status of NICON and Nigeria Re after the insurance recapitalisation exercise.

The minister also stated that an interim management board, which he declined to name, would be announced by NAICOM in due course. He also said that "in order to strengthen ability to effectively regulate this critical sector and act as a change agent, a new board, which shall consist of high caliber professionals in order to give direction to the commission, will be constituted soon."

In a swift reaction to the take over of the NICON management by the federal government yesterday, the group managing director of NICON Insurance Plc, Barrister Jimoh Ibrahim said that Minister of Finance is lawless.

He insisted that the board and management of NICON remain the same.

According to him, "the board cannot be dissolved by anybody except the court". He added, "Since there is court injunction, nobody can dissolve the board".

The NICON group MD further said that he would be compelled to enforce the injunction if the Minister insists on dissolving the board".

Meanwhile, Barrister Jimoh Ibrahim said that he had not been served a letter on the alleged dissolution but that he had been told that 200 mobile policemen had taken over NICON premises.

He brandished a letter from the attorney-general's office approving the actions taken by the federal government, insisting that the court order obtained by the two companies had been vacated.

"If that is not the case, we would not be taking the action we are taking today", he stressed.

He also said the Bureau of Public Enterprises (BPE), represented at the press conference by the director general, is fully in support of the government's latest position on the insurance sector.

The new 49 companies are certified to carry on business as life insurance, general insurance or composite insurance companies.

They include Guardian Expresss Assurance Company Ltd; Cornerstone Insurance Plc; Niger Insurance Plc; STACO Assurance Plc; Leadway Assurance Company Ltd; WAPIC Insurance Plc; Guarantee Assurance Plc; Yankari Insurance Company Ltd and Oceanic Insurance Company Ltd.

Also on the list are LASACO Assurance Plc; ADIC Insurance Company Ltd; Prestige Assurance Plc; International Energy Insurance Company Ltd; Zenith Insurance Company Ltd; Royal Exchange Assurance Plc; Equity Indemnity Insurance Plc; Union Assurance Company Ltd; UNIC Insurance Plc; Mutual Benefits Assurance Plc and Alliance & General Insurance Plc.

Included on the list are Custodian & Allied Insurance Plc; Law Union & Rock Insurance Plc; Crusader Insurance Plc; Regency Alliance Insurance Plc; Standard Alliance Insurance Plc; Standard Life Assurance Plc; Anchor Insurance Company Ltd; Industrial & General Insurance Company Ltd; Goldlink Insurance Plc and Great Nigeria Insurance Plc.

Listed also are Guardian Trust Insurance Company Ltd; Heirs Life Assurance Company Ltd; Oasis Insurance Plc; Sovereign Trust Assurance Plc; Kapital Insurance Company Ltd; Sterling Assurance Nigeria Ltd; Capital Express Insurance Company Ltd; Linkage Assurance Plc; Equity Life Insurance Company Ltd and Consolidated Hallmark Plc.

It also includes Unitrust Insurance Company Ltd; Universal Insurance Company Ltd; AIICO Insurance Plc; Investment & Allied Insurance Company Ltd; Continental Reinsurance Company Plc; Guinea Insurance Plc; NEM Insurance Plc; African Alliance Insurance Company Ltd and Nigeria Agricultural Insurance Corporation (NAIC).