Nicon Group of Companies
 
   

Founded in 1969 as a wholly-owned government corporation to underwrite its assets and parastatals, NICON was privatized in the wake of the Federal Government's privatization programme with Assurance Acquisition Nigeria Limited emerging new majority shareholder with 70% equity. The company has over 57 branches, the largest by any insurance company in Africa and controls 40 per cent of the insurance market in Nigeriar

 

Nicon Insurance now offers you a new and unique way of processing various insurance products and services online. This means you can download, purchase an insurance product online by simply filling the online proposal.

NICON: THE JOURNEY SO FAR
NICON GCEO
Replicating the meteoric rise of the Global Fleet Group which he nurtured into a vast empire in less than three years, Barrister Jimoh Ibrahim has set his sights on transforming the NICON Group into an international behemoth with tentacles in oil and gas, tourism, aviation, real estate, insurance, telecommunications and investment management, among others.
Founded in 1969 as a wholly-owned government corporation to underwrite its assets and parastatals, NICON was privatized in the wake of the Federal Government's privatization programme with Assurance Acquisition Nigeria Limited emerging new majority shareholder with 70% equity. The company has over 57 branches, the largest by any insurance company in Africa and controls 40 per cent of the insurance market in Nigeria.

With eleven subsidiaries already, some of them operating offshore, the Harvard-trained entrepreneur said the new NICON will be anchored on an effective balance of the physical, invisible and ideas, which succinctly captures the economic philosophies of yesterday, today and tomorrow more >>

Nicon Group of Companies
   
   

NICON AIRWAYS LTD
 
NICON HOTELS LTD
   
The Management of NICON Group of Companies Plc is currently negotiating with some Nigerian airlines with intent to acquire a commercial aviation licence to operate NICON Airways.  The company will operate commercial, regular and charter operations in Nigeria and the West African sub-region as soon as the deal is concluded.  Dr. Yele Akinrolabu, the company’s Chief Executive Officer is currently building a tested team to steer the company.
The company’s management is headed by Mrs A. F. Fagbola, a lawyer and an Associate Member of the Institute of Directors of Nigeria.  NICON Hotels Ltd was one of the companies inherited from the old NICON Insurance Corporation.

With its ownership of NICON Hilton Hotel (the number one hotel in Nigeria) severed from its sale to the new owners, NICON Insurance Corporation is left with only a two star hotel, MidWay Inn, Makurdi. But the Jimoh Ibrahim management believes the Group can still invest profitably in hotel business.  NICON Hotels Ltd currently has equity in Meidan Hotel and Apartments, Ajah, a five-star hotel now renamed NICON Hotels and hopes to acquire or/and brand many more hotels nationwide.

   
NICON PFA
   
The old NICON Insurance Corporation is the industry’s leader in pension funds administration. With the current reforms in pension funds administration, the management has applied for an operating licence.  The licence is expected to be issued soon.
   
NICON SAO TOME & PRINCIPE

The government of the African Island, Sao Tome and Principe has approved NICON Insurance as the lead insurance company in the country.  Finishing touches are being put in place to secure work and operations permit. NICON Sao Tome & Principe will soon take off formally.  Mr. Amadin Eghianruwa is the Chief Executive Officer of the company.

   
NICON UNITED KINGDOM LTD
   

Prior to the acquisition of NICON Corporation by the current owners, the company only operated a branch office in the United Kingdom.  The new Management has incorporated NICON UK Ltd as an independent subsidiary of the NICON Group, to operate in the United Kingdom as an Insurance firm.

NICON INVESTMENT LTD
NICON TRUSTEES LTD
   
The direct investment portfolio has been removed from the schedule of NICON Trustees.  This company is visioned to be a top player and income-yielding arm of the NICON Group. The move is strategic and would develop a huge financial base to back-up the Insurance arm of the group.   The new NICON takes claims payment seriously and the secret of prompt claims payment is having huge cash backup through profitable investments.  This is the challenge before Miss Queeneth Okehie, the Chief Executive Officer, and her team.
The company was registered in 1987 to coordinate and manage shares, bonds and other investments in which NICON had stocks.  This portfolio has been widened and the new NICON Trustees Ltd will operate as an independent stock company. The company is based in Lagos and the Chief Executive Officer is Mrs. F. Olu-Ayeni
NICON PROPERTIES LTD
   
The value of NICON’s Properties is over a hundred billion.  In order to properly manage these assets, NICON Properties has been incorporated. However, NICON’s assets will be a very small percentage in the pool of businesses of the company.  It is going full-scale into property business in Nigeria and abroad, especially in the area of real estate and mass housing schemes – Alhaji A.T. Dahiru is the Chief Executive Officer of the company.
   
NICON ACADEMY
   
Formally known as NICON College, this institution was set up in 1997 to train insurance employees (within and outside NICON).  This schedule has been widened and the college is currently located in Jos, Plateau State. The college has chalets and other facilities as well as seven lecture halls. Each hall can accommodate 150 candidates at seating.  The college will now undertake full range of financial training.  Dr. O. A. Esiemokai is the Chief Executive Officer.