Yomi Odunuga and Oluyinka Akintunde, Abuja

Addressing a news conference in Abuja, Ibrahim described the ultimatum from the NAICOM as a 途use・and vowed to 都tay for life,・daring the regulator to seek legal interpretation of the relevant laws pertaining to the qualifications prescribed for the headship of an insurance company in Nigeria.

In a letter dated April 19, NAICOM asked Ibrahim to step down as CEO of NICON Insurance within 21 days and that the leading underwriting firm should name a new person for the post within the same period.

The regulator hinged its action on the fact that the incumbent was not a qualified insurance professional in violation of the Insurance Act of 2003.

But in his angry reaction on Thursday, Ibrahim, whose Global Fleet Group led a consortium that bought majority equity in the firm from the Federal Government, said he was the Group CEO of NICON Group and that the insurance firm was only one out of 10 subsidiaries.

Ibrahim said the group would go ahead with its plan to lay off 1,200 workers from the insurance company, adding that they would be paid combined terminal benefits of N3.5billion.

Confronted with Ibrahim痴 defiance, the Commissioner for Insurance, Chief Emmanuel Chukwulozie, said on Thursday that the regulatory body was steadfast in its position, insisting that the law was clear on the requirements for the appointment of the CEO of an insurance company.

He said, 的 am a regulator and I don稚 regulate on the pages of newspapers. The position of the Insurance Act is very clear about the appointment of CEOs for insurance companies.・

Ibrahim, however, insisted that a court of competent jurisdiction could interpret the sections of the Insurance Act 2003, regarding the qualifications of the CEO of an insurance company.

NICON Insurance, he noted, was only one of the subsidiaries of the NICON Group of Companies, which was incorporated under the Companies and Allied Matters Act on March 21, 2006. The registration number of the group is RC 648707.

Ibrahim said, 哲AICOM is not the interpreter of the law. The interpreter of the law is the court. Judiciary is the interpreter of the law. And I have come to stay here for life. So, no human being can take me away from here except God.

的 am the Group MD/CEO of NICON Group of Companies. The NICON Group of Companies is incorporated by law. So, let the regulator or anybody get well educated. Is it possible for NAICOM to regulate NAICOM Group of Companies, which include Oil and Gas, NICON Hotel, NICON Sao Tome, and NICON Trustees?・

The NICON boss, who admitted that there were still CEOs of insurance companies that do not hold insurance qualifications, wondered why NICON was being singled out for persecution.

He stated that 10 managing directors and CEOs would be appointed for the 10 subsidiaries, who will report to him.

的n NICON Insurance, please report that we have not breached any law of insurance or any law of oil and gas. We have put all the companies bought from BPE that come under NICON to Group of Companies. Where does NAICOM get their own law from?・

THE PUNCH, Friday April 28, 2006