NICON Insurance Limited has warned prospective buyers and investors against entering into transactions involving 28 properties linked to the Pension Transitional Arrangements Directorate (PTAD) without verifying the authority of the parties offering the assets for sale.
The insurance company said any disposal of the properties must comply with the terms of a consent judgement delivered by the Federal High Court in Abuja on July 23, 2025.
In a statement addressing the controversy surrounding the assets, NICON referenced Suit No. FHC/ABJ/CS/2310/2022, instituted between PTAD and NICON Insurance Limited.
According to the company, the judgement, delivered by Justice Rita Ofili-Ajumogobia, established an arrangement under which both parties were to work together on the disposal of the 28 properties located in different parts of Nigeria.
NICON maintained that the court-approved arrangement required the parties to jointly undertake the necessary steps for the sale of the properties.
The company explained that proceeds from the transactions were intended to settle outstanding legacy liabilities, while any surplus arising from the enhanced value of the assets would be shared between NICON and PTAD in line with the terms of the arrangement.
NICON Questions Proposed Disposal Process
The warning follows concerns raised by NICON over proposals to dispose of the properties through a purported liquidator.
The company said the authority and appointment of the individual said to be handling the proposed disposal were subjects of ongoing legal proceedings.
Against this background, NICON urged prospective purchasers to exercise caution and conduct thorough due diligence before committing funds to any transaction involving the affected assets.
It stressed that buyers should establish whether those offering the properties for sale possess the necessary authority and whether the proposed transactions comply with the applicable court-approved procedures.
“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.
The insurer maintained that the judgement provides the framework for handling the properties and that prospective transactions should be assessed against its provisions.
Buyers Urged to Conduct Due Diligence
NICON’s advisory places the emphasis on verifying ownership interests, the authority of sellers and compliance with the court-approved disposal arrangement before entering into any agreement.
The company cautioned that prospective investors should not rely solely on claims made by individuals presenting themselves as authorised representatives in connection with the properties.
It also urged interested parties to establish the legitimacy of proposed transactions before making financial commitments.
The dispute centres on the appropriate procedure for disposing of the 28 properties and implementing the arrangements outlined in the consent judgement.
The properties are expected to be disposed of under the framework described by NICON, with the proceeds applied towards outstanding legacy liabilities and any surplus distributed between the parties according to their agreement.
However, the outcome of the ongoing legal proceedings concerning the purported liquidator’s authority was not stated in the information made available.
Prospective buyers have therefore been advised to seek appropriate legal guidance and verify the relevant documentation before pursuing any acquisition involving the affected properties.
