National Insurance Corporation of Nigeria
From Wikipedia, the free encyclopedia
NICON Insurance Limited, originally established as the National Insurance Corporation of Nigeria (NICON or NICON Insurance) was a Nigerian insurance company owned by the Federal Government of Nigeria from its establishment in 1969 till it was privatized in 2005.[1]
NICON Insurance was the biggest insurance in Nigeria prior to its privatization under the Olusegun Obasanjo administration.[2] NICON Insurance was privatised in 2005 as part of Nigeria’s broader economic reform and privatisation programme under the Bureau of Public Enterprises.[3] A core investor group led by businessman Jimoh Ibrahim acquired a 70% equity stake in the company, while the Federal Government of Nigeria retained a 30% shareholding.[4]