Insurance

NICON Insurance moves to resolve N26m claims feud with legislators

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Chuks Udo Okonta

NICON Insurance Plc, has initiated moves to resolve the N26 million claims dispute with Benue State House of Assembly, which had mandated the Nigerian Police to arrest the Managing Director of the underwriting firm, Bayode Samuel.

Benue State House of Assembly, had in line with section 129 (d) of the 1999 constitution of the federal republic of Nigeria as amended, issued a warrant of arrest against the Managing Director of NICON insurance company for refusing to appear before it for the second consecutive time.

An impeccable source told Inspenonline that the underwriting firm has sent its Regional Manager and General Manager, Technical to the Assembly to represent the Managing Director who is presently not in town.

The source noted that the firm did not disregard the call by the Assembly, noting that the Assembly failed to recognised the company’s representatives, insisting that the Managing Director must come to address them.

The source said the company pays great attention to claims settlement, stressing that the firm is working assiduously to see that the claim and those of other clients are resolved.

The Managing Director of the underwriting firm, Bayode Samuel, at a forum said the company hopes to settle outstanding claims and commissions with accruable interests from the sales of assets estimated at over N15 billion

Benue State legislature has had a running battle with the insurance company over its refusal to pay to the state government the sum of over N26 million claims in respect of the burnt portion of the Makurdi modern market over ten years ago.

The assembly had summoned the management of the company to appear before it over a month ago but in a letter addressed to the speaker and signed by the managing director of the company, Bayode Samuel, the company appealed that it should be given up till the 21st of February to appear before the House of Assembly.

Those who commented on the matter including Benjamin Nungwa, Richard Ujege, Terhemba Chabo and Ianna Jato accused management of NICON Insurance for treating the house with levity despite two previous summons, saying it has offended the provisions of Section 103, 128 and 129 of the constitution of the federal republic of Nigeria as amended and called on the house to invoke the necessary constitutional provisions.

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