Sections
Poll: Power pledge
Is Mr. President's promise of additional 6,000 MW of electricity in 18 months achievable?
FG to return Nicon Insurance to Jimoh Ibrahim
Font size:
There is hope that the Federal Government will soon return Nicon Insurance plc to its core investor, Jimoh Ibrahim, following progress made on the out of court settlement option being proposed to resolve the impasse on the enterprise.
The indication emerged following some agreements reached on the terms of the fresh draft of the out of court settlement at a meeting held at the Federal Ministry of Finance Tuesday in Abuja.
National Insurance Commission (NAICOM) based on the KPMG financial audit report on Nicon Insurance drafted out of court settlement terms which will bind all parties as the basis for the return of the company to the core investor.
Part of the settlement terms include an immediate injection of N17.3 billion by the shareholders to meet the financing gap and recapitalisation threshold for the company as a composite insurer.
The terms also include withdrawal of the three suits, FHC/ABJ/CS/373/2007, FHC/ABJ/CS/383/07 and FHC/ABJ/CS/541/07 against the Federal Government as well as rendering mandatory statutory returns from 2006 to 2007 in line with section 26(1-4) with a pledge to never fail to render such to the regulatory body.
At the meeting that involved the minister of state for finance, Remi Babalola; attorney general of the federation, Mike Aondoaaka; insurance commissioner, Fola Daniel, Ibrahim was said to have agreed to some terms including injection of a certain sum of money into the company as required by the National Insurance Commission (NAICOM) to return it to solvency path.
Jimoh was also said to have agreed to inject the fund within 90 days of return of the company to him.
He however said he was not aware of any meeting and did not attend any meeting.
“I did not know about any meeting and was not at any meeting where such were discussed”.
But a top official of the finance ministry who confirmed the development said the parties were still talking. “We are still sorting out”, he said
With this development, the court may endorse the out of court settlement option to resolve the impasse if the parties are able to sort out everything before the May 12 adjourned date.
The indication emerged following some agreements reached on the terms of the fresh draft of the out of court settlement at a meeting held at the Federal Ministry of Finance Tuesday in Abuja.
National Insurance Commission (NAICOM) based on the KPMG financial audit report on Nicon Insurance drafted out of court settlement terms which will bind all parties as the basis for the return of the company to the core investor.
Part of the settlement terms include an immediate injection of N17.3 billion by the shareholders to meet the financing gap and recapitalisation threshold for the company as a composite insurer.
The terms also include withdrawal of the three suits, FHC/ABJ/CS/373/2007, FHC/ABJ/CS/383/07 and FHC/ABJ/CS/541/07 against the Federal Government as well as rendering mandatory statutory returns from 2006 to 2007 in line with section 26(1-4) with a pledge to never fail to render such to the regulatory body.
At the meeting that involved the minister of state for finance, Remi Babalola; attorney general of the federation, Mike Aondoaaka; insurance commissioner, Fola Daniel, Ibrahim was said to have agreed to some terms including injection of a certain sum of money into the company as required by the National Insurance Commission (NAICOM) to return it to solvency path.
Jimoh was also said to have agreed to inject the fund within 90 days of return of the company to him.
He however said he was not aware of any meeting and did not attend any meeting.
“I did not know about any meeting and was not at any meeting where such were discussed”.
But a top official of the finance ministry who confirmed the development said the parties were still talking. “We are still sorting out”, he said
With this development, the court may endorse the out of court settlement option to resolve the impasse if the parties are able to sort out everything before the May 12 adjourned date.
Add to:
del.icio.us |
Digg
del.icio.us |
Digg
Email to a friend
Print version
Plain textRate this article
Comments ( posted):
Post your comment