New interim management for NICON--Nigeria.

The Federal Government of Nigeria has appointed an interim management for NICON Insurance PLC and Nigerian Re-insurance after the recent controversial dismissal of the boards and management and takeover of the companies from Mr. Jimoh Ibrahim.

Mrs. Funmi Babington-Ashaye will be managing director and head of the interim management. George Onekhena who was with Lion of Africa Insurance Plc will be appointed as Executive Director for finance, Mallam Sheik Yaya, former Managing Director of Yankari Insurance will be Executive Director, technical.

Babington-Ashaye has over 17 years work experience; she was the managing director of Cornerstone Insurance Plc and became CEO in October 2005. She resigned to set up her own outfit, Risk Analyst Insurance Brokers.

An alumnus of the Lagos Business School and a fellow of the Chartered Insurance Institute of London and Nigeria, Babington-Ashaye holds a Higher National Diploma in Insurance and Masters in Business Administration (MBA).