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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Friday,July 16, 2004. NICON to get N2 billion from BPE over stripped assets By Bethel Obioma Insurance Correspondent, Lagos   NICON Insurance Corporation will soon receive more than N2 billion, being proceeds from the sale of its assets by the Bureau for Public Enterprises. The government had directed the BPE to remit proceeds from the controversial sale of NICON’s assets prior to its privatisation. NICON Managing Director, Ms. Prisca Soares, said the corporation and the BPE had been involved in useful deliberations that would facilitate the payment of the said proceeds, and the conclusion of the corporation’s privatisation process. “The decision has been taken, and we have been assured that the money would be given to us. We have not got the money yet, but we should be getting something in the region of N2 billion,” she said. The BPE had embarked on a strategy involving the unbundling of some of the corporation’s assets, including NAL Bank and Assurance Bank, among others, maintaining that it would pave the way for NICON when privatised to focus more on the business of insurance. This pitched the management of the company and the insurance industry against the bureau, as the stakeholders argued that stripping NICON of its assets would reduce the capacity of the company, compromise its competitive edge, and make the corporation unattractive to investors. NICON’s investments include substantial shareholding in insurance companies, NICON Hilton Hotel, banks, manufacturing, and real estate. The corporation’s privatisation process has been ongoing since December 2000.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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