NICON Cautions Buyers Over 28 PTAD-Linked Properties, Cites Court Judgement
• 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
NICON Insurance Limited has cautioned potential buyers and investors against purchasing 28 properties linked to the Federal Government Pension Transitional Arrangements Directorate (PTAD). The company's warning stems from a consent judgement delivered by the Federal High Court in Abuja on July 23, 2025, in Suit No. FHC/ABJ/CS/2310/2022.
The judgement requires NICON and PTAD to jointly manage the disposal of the properties, located in various parts of the country. These properties are the subject of ongoing legal proceedings, with concerns raised over a purported liquidator's authority and appointment. NICON emphasizes the importance of prospective purchasers conducting thorough due diligence, verifying the legal status of the properties and the authority of the entities involved in any sale.
The insurance firm urges all stakeholders to ensure that any disposal of the properties complies with the terms of the court-approved settlement, and not to rely solely on the statements of intermediaries or third parties.
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