BUSINESS mogul and  chairman of NICON Group, Dr. Jimoh Ibrahim, and the Senate Adhoc Committee on Privatisation are now embroiled in an argument over how he acquired NICON  Insurance  Corporation.

While the Senate Committee accused  Ibrahim of allegedly acquiring the Nigeria Insurance Corporation, NICON, illegally to the tune of well over N18 billion, Ibrahim in a swift reaction described the  allegation as unfounded and wicked.

Ibrahim in a statement said that contrary to the allegation, he met nothing in NICON account when he acquired it.  He said NICON was acquired from the Federal Government for $48 million which was bigger than what others offered and that  he had also injected a total N17.5 billion into NICON since acquisition. He said that N11billion has been paid as pension since acquisition under his  management
Ibrahim said it was the responsibility of the Bureau of Public Enterprises to pay staff pension.

He also said the KPMG confirmed  in its audit report that NICON was indebted  to him to the tune of N2billion when it was forcibly taken over by the Federal Government  Meanwhile a report submitted to the Senate Committee by KPMG and Assurance Acquisition Limited, AAL alleged that Ibrahim  acquired NICON Insurance illegally just as it said the company is in dire financial situation that requires N17.3 billion if it must meet its statutory investment needed to meet insurance funds.

It added that the issue of re-certification of licence of NICON be urgently considered by the government if public confidence must be restored not only in the company, but also in Nigeria Insurance industry.