NICON takeover: Ibrahim threatens N10bn suit against FG

Sunday Ojeme
Following the seizure of NICON Insurance Plc and the dissolution of the board of Nigeria Reinsurance Corporation by the Federal Government, the Group Managing Director, NICON Group of Companies, Mr. Jimoh Ibrahim, has advised his lawyer to institute a suit against the government over the action.
He is asking for N10bn for damages.
Addressing journalists in Lagos on Thursday, he said his lawyers had the brief to commence forthwith committal to prison proceeding against the government officials involved including the Attorney-General of the Federation and the Minister of State for Finance.
He said the matter in respect of NICON and Nigeria Re was currently before a Federal High Court and that the court had granted three different injunctions restraining the Federal Government from taking over or interfering with the running and affairs of the two companies until the determination of the case.
He described the Attorney General of the Federation, Mr. Mr. Michael Andoaaka, who authorised the constitution of the interim management for the companies and the Minister of State for Finance, Mr. Remi Babalola, as lawless.
The NICON boss who acquired about 70 per cent stake in the two firms during the privatisation of the companies handled by the Bureau of Public Enterprises said he would begin the legal process of committing the two government officials into prison for their ‘illegal’ actions on Friday.
Vowing that the board of the companies would meet in Abuja on Monday, Ibrahim said the Federal Government had no power to dissolve the board and management of the insurance companies.
He said the federal government was represented by two learned Senior Advocates of Nigeria who had not succeeded in vacating the court order as the case had been adjourned to November 29. He said the federal government took executive decision to overrule the court order and ordered a takeover of a private company.
According to him, “If the Attorney-General does not understand the meaning of injunction, at least, he must have heard about the doctrine of lespendence. If he thinks this will divert attention from his Economic and Financial Crimes Commission syndrome, then we shall teach him the law. We never had it so bad in our country where an Attorney-General celebrates controversies at the expense of clear laws in Nigeria.”
He said it was interesting to note that the Minister of State for Finance made the order for himself when he is not the regulator of the insurance industry. He said this was one case of executive lawlessness, which equaled the violation of the constitution of Nigeria being witnessed in a democratic government whose first priority was to obey court orders.
He decried a situation where the premises of both organisations were sealed off with about 50 policemen, adding that since the privatization of NICON, the management had not received any query from the government and that the performance and turnaround efforts had been a clear case of facts speaking for itself.
He said, “Our entire group is in employment of over 8000 Nigerians. The government of Nigeria should be grateful to me and not to seal our business premises with mobile policemen with AK47 riffle when we did not commit any crime.
“We are law abiding citizens and we shall follow the law to the letter. If the government finds pleasure in disobeying court orders, we, as individuals shall obey all court orders.
Babalola had on Wednesday announced the sack of board of NICON and Nigeria Re following the refusal of the two companies to submit for post consolidation verification.
According to him, members of Interim Management Committee would be announced in few days.