FG Queries NAICOM, Demands Response on Alleged Demand of N500 Million Shareholders’ Funds from NICON Insurance, Nigeria Reinsurance

The federal government has queried NAICOM over alleged demands for N500 million in shareholders’ funds from NICON Insurance and Nigeria Reinsurance. It directed the commission to suspend enforcement of contested processing fees, a 1% capital injection fee and requirements for full-capital escrow transfers pending clarification.