• Management urges prospective investors to verify authority of sellers
•Says disposal must comply with July 2025 consent judgement
Sunday Aborisade in Abuja
The management of NICON Insurance Limited has cautioned prospective buyers and investors against entering into transactions involving 28 properties linked to the Federal Government Pension Transitional Arrangements Directorate (PTAD) without first verifying the authority of those offering the assets for sale.
NICON, in a statement on the controversy surrounding the properties, made available to THISDAY in Abuja on Wednesday, based its position on a consent judgement delivered by the Federal High Court in Abuja in Suit No. FHC/ABJ/CS/2310/2022 between PTAD and NICON Insurance Limited.
The consent judgement, delivered by Justice Rita Ofili-Ajumogobia on July 23, 2025, provides for arrangements involving PTAD and NICON in relation to the disposal of the properties, according to the insurance company.
The NICON management said the court-approved arrangement required the two parties to jointly make the necessary arrangements for the disposal of the 28 properties located in different parts of the country.
The company said the proceeds from the disposal were intended to address outstanding legacy liabilities, while any balance arising from the enhanced value of the properties was to be shared between the parties in accordance with the terms of the arrangement.
The warning followed what NICON described as concerns over proposals for the properties to be disposed of through a purported liquidator, whose authority and appointment, according to the company, were the subject of ongoing legal proceedings.
NICON said it was important for members of the public to exercise caution and conduct appropriate due diligence before committing funds to any transaction involving the affected properties.
“The consent judgment gave NICON and PTAD the power to jointly undertake all necessary arrangements for the purpose of disposing of the 28 properties,” the company said.
NICON maintained that prospective purchasers should establish that any proposed transaction was being conducted in accordance with the authority and procedure contemplated by the Federal High Court judgement.
The company also urged potential investors, financial institutions, estate developers, and other stakeholders to verify the legal status of any property being offered for sale and the authority of the person or entity purporting to act on behalf of the relevant parties.
According to NICON, the issue is particularly important because the properties are situated in different parts of the country and could involve substantial financial commitments by prospective purchasers.
The company said the commercial value of the assets should not overshadow the need to establish the legal authority for their disposal.
It further stated that the consent judgement remained the relevant framework for the implementation of the settlement between PTAD and NICON, subject to any subsequent order or determination by a competent court.
NICON advised prospective purchasers not to rely solely on representations by intermediaries or third parties but to obtain appropriate legal and documentary confirmation before entering into agreements or making payments in respect of any of the properties.
The company stated, “The general public is hereby warned against entering into any contract of sale in respect of any of the properties without first establishing that the transaction is authorised under the terms of the consent judgment.”
The insurance firm also called on relevant government institutions and other stakeholders involved in the process to ensure that any disposal of the properties complied with the terms of the court-approved settlement.
NICON said the caution was not intended to pre-empt the determination of any pending legal proceedings but to protect prospective purchasers from entering into transactions whose authority might subsequently become the subject of litigation.
The company urged investors interested in the properties to undertake full legal and commercial due diligence, including verification of title, ownership interests, court orders and the authority of the parties handling any proposed sale.
The controversy surrounding the properties is expected to be further clarified through the ongoing legal process, particularly on the authority of any party seeking to participate in their disposal.
NICON reiterated that prospective buyers should establish, before signing agreements or making payments, that any transaction involving the 28 properties was being undertaken in accordance with the July 23, 2025 consent judgement and any subsequent order of a competent court.