NICON INSURANCE: We are in Business: NAICOM The Insurance Regulator is under EFCC Investigation for Fraudulent Recapitalisation
PRESS RELEASE
NICON Insurance Limited wishes to state unequivocally that it is against the fake and fraudulent recapitalisation exercise carried out by the National Insurance Commission (NAICOM). The circumstances surrounding the purported recapitalisation process and related regulatory actions have been formally brought to the attention of the Economic and Financial Crimes Commission (EFCC) and the Federal Ministry of Finance for appropriate investigation and necessary action.
NICON Insurance Limited is a statutory insurance company established under an Act of Parliament and continues to conduct its business in accordance with the law. The Company therefore wishes to reassure its policyholders, shareholders, business partners, employees, financial institutions and the general public that NICON Insurance Limited remains in business and continues to operate as a going concern. Any contrary representation suggesting otherwise is fake and wholly untrue.
The Company is taking all necessary legal steps to protect its rights and interests. The issues arising from the actions complained of are presently before the courts in Suit No. Suit no: FHC/ABJ/CS/1670/2026. NICON Insurance limited remains committed to the rule of law and due process. The public is therefore advised to disregard any contrary information or representation concerning the Company’s status that is inconsistent with the orders and proceedings of the Court or the NICON INSURANCE ACT.
NICON INSURANCE LIMITED
September 8, 2026
