AMCON takes over NICON Insurance, Nigeria Reinsurance Corporation – Newstrends
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AMCON takes over NICON Insurance, Nigeria Reinsurance Corporation

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Asset Management Corporation of Nigeria has taken over the major interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).
The two assets were part of properties seized from a Nigerian businessman, Jimoh Ibrahim, over N69.4 billion debt.
Last year, a court order had granted AMCON the power to take over the assets.
But in February, a federal high court in Abuja set aside the order granting AMCON permission to take over assets belonging to Ibrahim.
The judge had agreed with the business mogul and his firms NICON Investment Ltd and Global Fleet Oil and Gas Ltd that AMCON concealed facts relating to the case to obtain an interim order.
However, in a statement issued on Tuesday, AMCON said it was working in partnership with the Bureau for Public Enterprises to bring the “much-needed stability” into the operation of the organisations.
The statement added that the National Insurance Commission had approved the new board and management for the two firms.
AMCON listed members of the new board of NICON Insurance as Lamis Shehu Dikko, chairman; Henry Uko Ationu, managing director/chief executive officer and John Abuh Oyidih, executive director, finance & administration.
“The insurance firm (NICON) also has Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director and Ahmed Dahiru Modibbo FIBA ACIS as Non-Executive Director (Independent),” the statement said.
Similarly, the directors of Nigeria Reinsurance Corporation are Mela Audu Nunghe, chairman; Olugbenga Falekulo, managing director/chief executive officer and Olusegun Ilori, executive director, finance & administration.
The statement further said, “Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE), comes in as Non-Executive Director while Yvonne Isichei MIoD, FCIB joins as Non-Executive Director (Independent).
“The reconstitution of the board and management team of two insurance institutions in Nigeria is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country, and continue to deliver value to its stakeholders.”

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Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations

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Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations

Ahead of Easter, ABC Transport Plc has added a fleet of brand new, 2025 model Toyota Hiace buses to its operations.

This, it said in a statement, was a strategic move to enhance customer satisfaction and operational reliability.
It aligns with the company’s mission of providing safer, more reliable, and comfortable travel experiences, particularly during the busy Easter season.
The new vehicles, which are equipped with state-of-the-art GPS trackers and speed limiter devices, are part of ABC Transport’s historic culture of prioritising passenger safety.

These features, which are standard across the company’s entire fleet, allow for real-time monitoring and ensure adherence to safe driving practices.
Apart from the fleet upgrade, ABC Transport recently concluded its quarterly Pre-Peak Season Crew Seminar, aimed at reinforcing the company’s commitment to safety, maintenance, and customer service ethics.

It said the seminar provided a platform to engage all crew members, focusing on best practices in vehicle handling, passenger care, and emergency preparedness.
Speaking on the importance of these initiatives, Managing Director of ABC Transport Plc, Mr. Jude Nneji, said, “Safety and service excellence are at the heart of everything we do at ABC Transport.

“The addition of these modern vehicles, coupled with our crew’s enhanced training, ensures that passengers can travel with peace of mind and enjoy an exceptional travel experience, even during the high-demand Easter season.”

The 2025 Toyota Hiace buses, known for their durability and fuel efficiency, also feature air-conditioned interiors and spacious seating, making them ideal for long-distance travel.

Designed to handle Nigeria’s road conditions, these vehicles further solidify ABC Transport’s reputation as a leader in the intercity transport sector.
Industry analysts view this dual approach—upgrading fleet technology and investing in human capital—as a testament to ABC Transport’s commitment to staying ahead of the curve.
This is also in line with the trend of new fleet injections and investments that have been noticed at ABC Transport since late last year following the acquisition of over 50 heavy duty trucks in their Haulage and Logistics subsidiaries as well as wide adoption of CNG in its Haulage division.
ABC Transport Plc is Nigeria’s foremost provider of intercity and regional transport services, known for its focus on innovation, safety, and customer satisfaction.

It is also the most diversified and only publicly quoted transport company in Nigeria listed on the Nigerian Stock exchange.

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Naira rises to N1,618/$ in parallel market

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Naira rises to N1,618/$ in parallel market

The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.

But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).

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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 Monday.

Naira rises to N1,618/$ in parallel market

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Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management

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Lasaco Assurance Plc

Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management

Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, is pleased to announce that it has successfully obtained the ISO/IEC 27001:2022 certification, a globally recognized benchmark for Information Security Management Systems (ISMS).

This certification comes after a thorough and detailed re-certification audit, validating its commitment to upholding the highest standards in information security and cybersecurity.

The ISO/IEC 27001:2022 certification highlights Lasaco’s ongoing efforts to protect confidential information, manage risks, and enhance its approach to information security, aligning with global best practices.

Speaking on this new development, the Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, said, “We are incredibly proud of this achievement, which demonstrates our dedication to maintaining the highest standards of operational excellence and continuous improvement.

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“In today’s digital age, ensuring the safety and security of sensitive information is of paramount importance, and this certification reaffirms our commitment to being a trusted and responsible organization.”

ISO/IEC 27001:2022 offers a structured framework for managing and securing critical business information, ensuring that all aspects of the organization’s information security are addressed through proactive risk management. This certification affirms Lasaco Assurance’s robust commitment to safeguarding sensitive data against emerging cyber threats.

“Moving forward, we remain dedicated to ensuring the highest level of information security, compliance, and excellence in all our operations,” the Head of IT, Lasaco Assurance, Mr. Dimeji Ogundele said.

The company extends its deepest gratitude to its entire team, clients, and partners whose support was pivotal to achieving this certification. Lasaco Assurance Plc is a composite insurance company, providing a wide range of insurance solutions.

With a rich history of trust, innovation, and customer satisfaction, Lasaco continues to deliver reliable and cutting-edge services to individuals, businesses, and government institutions.

Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management

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