The National Insurance Commission (NAICOM) has revoked the operating licence of NICON Insurance Limited and appointed a Receiver/Provisional Liquidator. NICON, however, rejected the action, calling the recapitalisation exercise 'fake and fraudulent' and insisting it remains a going concern. The dispute is now before the Federal High Court in Abuja. NAICOM revoked the licence due to NICON's alleged failure to meet minimum capital requirements.
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