The Federal Government has been advised to fully privatise NICON Insurance by disposing its 30 per cent holdings in the firm to the public.

Mr Olufemi Timothy, President of the shareholders, Nigerian Shareholders’ Renaissance Association (NSRA), who made the call in an interview with The Nation, said the government should in the interest of good governance dispose its holding in the company.

Said he: "The handing over of NICON Insurance to its core investor, Mr Jimoh Ibrahim, is a welcome development, which would enhance the inflow of investment into the country.

"The Federal Government should earnestly dispose its shares in NICON Insurance in the interest of good governance of the company and all stakeholders. The government’s shares in the company should be sold to the public to create more wealth for the citizenry. The government should stop its interference in NICON once and for all, to enable the company operate effectively."

To end the impasse that existed between the Federal Government and the core investor, the parties agreed to reconstruct the board of the company. Ibrahim emerged chairman after the reconstruction. Also, the parties agreed to inject N23 billion into NICON and her sister company, Nigeria Re-Insurance in which Ibrahim has a major stake, to make up for the financing gap discovered in the companies.