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NICON: FG may back off

Posted by By Adesina Aiyekoti on 2007/12/03 | Views: 329 |

NICON: FG may back off

To avert further breach of due process, Federal Government may soon hands off the management of NICON and Nigeria Re which has generated much controversy in the last two weeks. Justice minister, Usman face contempt charge

To avert further breach of due process, Federal Government may soon hands off the management of NICON and Nigeria Re which has generated much controversy in the last two weeks.

Thursday, a Federal High Court in Abuja ordered that contempt proceedings be instituted against three top government officials including the Attorney-General of the Federation and Minister of Justice, Mr. Michael Aondoaka (SAN) and the Minister of Finance, Dr. Sammsideen Usman, for allegedly flouting an earlier court order restraining the authorities from interfering in NICON and Nigeria Re.

The court fixed December 13 for further hearing in the case in what promises to be a test case for a government which advocates the sanctity of rule of law.
Wealthy businessman, Barrister Jimoh Ibrahim, owns controlling shares in NICON and Nigeria Re acquired through the privatization exercise of the Obasanjo administration.

Options being weighed by the government, according to sources, is to reverse the appointment of interim management for the two companies. Only Wednesday, the government, through NAICOM (insurance regulatory agency) clarified that its take-over of the management of NICON and Nigeria Re was to "restore good corporate governance". A statement interpreted to mean the authorities would withdraw after carrying out the "correction" they wanted to effect.

In sanctioning the take-over of the two companies two weeks ago, Aondoaka, Usman and the Commissioner for Insurance, Mr. Fola Daniel were alleged to have disobeyed the earlier order made by Justice Anwuri Chikere stopping the government from interfering in the operations of the two firms under its stated plans to recapitalize the insurance sector.

The Thursday pronouncement was sequel to an application brought by exportation filed by Nigerian Re-Insurance Corporation, NICON Insurance and four others.

Following the difficulties said to have been encountered by the plaintiffs to serve the defendants necessary propery partaining to the contempt motion, the trial judge ordered that the two ministers be served with notices of disobedience to court orders by advertising the notices in two national dailies.

Explaining why the notices should be advertised, lead counsel to the plaintiffs, Chief Adeniyi Akintola informed the court that “the contemmory are surrounded always by security men,” saying it would be difficult to commence criminal proceedingly against them.
Besides, the plaintiffs are also contesting the deployment of armed policemen who reportedly invaded the premises of the plaintiffs.

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Comments (9)

Kim Worley(Greeley, Colorado, US)says...

I heard this in a song and had no idea what it meant. Googled it and this came up. Very Cool. ????????????????

Obinna(Newark Nj)says...

I want to know more meaning and significant of this name obidike in igboland

Olusola Okhiria Nee Sodunke(Newport, Newport, UK)says...

This is a great piece of history, which is dear to our hearts as people and very much appreciated.

Many thanks to the people who worked hard in the past and those who are still making efforts to keep the institution.

The labour is obviouly worth it. We are proud of you all.

A lot still to be done, with the motivation of the champions of this course, others will follow as well to maintain the institution

May God continue to keep the edifice for development of future generations to the glory of God and the benefits of our fatherland.

Joel Efiong(Calabar, Nigeria)says...

This is a great piece. The examination bodies should hire you as ICT consultant.

Sunday Mbe(Kaduna, Kaduna, Nigeria)says...