Daily Trust (Abuja)

Nigeria: NICON Owes Ministries N12.3 Billion Insurance Claims

By Turaki A. Hassan, 12 July 2012

NICON Insurance Plc owes different federal ministries, departments and agencies N12.3 billion as unpaid insurance claims, House of Representatives Committee on Finance discovered yesterday. The firm is owned by business mogul Jimoh Ibrahim

Committee chair, Rep. Abdulmumin Jibrin (PDP, Kano), queried the delay in payment of the backlog of the unpaid insurance claims by NICON over the past four years at the ongoing investigative hearing on insurance of government assets.

However, Mr. Bayo Samuel, Executive Director of NICON attributed the delay to non payment of premium worth N1.3 billion by the affected agencies, noting that the Nigerian Insurance Association (NIA) had suspended the company without fair hearing.

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