The Federal High Court, sitting in Abuja, on Friday, formally endorsed the out-of- court settlement in the legal dispute between the Federal Government and the core investor in NICON Insurance Plc and Nigeria Reinsurance Corporation, Mr. Jimoh Ibrahim.

Commissioner for Insurance, Chief Emmanuel Chukwulozie

The agreement was adopted before Justice Anwuri Chikere of the Federal High Court, Abuja by Ibrahim’s lawyers, Mr. Adeniyi Akintola (SAN) and Akinlolu Olujinmi (SAN); Counsel to the Attorney General of the Federation and Minister of Justice, Chief Wole Olanipekun (SAN), and counsel to the Finance Minister, Mr. Bolaji Ayorinde (SAN).
With this development, the coast is now clear for the newly constituted board, which is chaired by Ibrahim, to fully take over from the interim management that had been running the company since November last year.
The Federal Government, which had removed the Ibrahim-led management on ground of mismanagement, constituted the interim board, but the core investor fought back, claiming that he had improved the company’s fortunes in the one year he was in charge.

Chikere, had on Tuesday, struck out a motion filed by Industrial and General Insurance Plc to stop the planned adoption of the out of court settlement between the government and the core investor.