NICON Insurance Limited has advised prospective buyers and investors to exercise caution over transactions involving 28 properties associated with the Federal Government Pension Transitional Arrangements Directorate, PTAD, until the legal authority for their sale is properly established.
The warning follows an ongoing dispute over the proposed disposal of the properties and references a consent judgment delivered by the Federal High Court in Abuja in a case involving PTAD and NICON.
According to NICON, the judgment in Suit No. FHC/ABJ/CS/2310/2022, delivered by Justice Rita Ofili-Ajumogobia on July 23, 2025, provides the framework for the disposal of the affected properties.
The insurance company said the court-approved arrangement empowers NICON and PTAD to jointly undertake the necessary steps for the sale of the 28 assets, which are located in various parts of the country.
NICON explained that proceeds from the disposal are intended to address outstanding legacy liabilities, while any surplus arising from the enhanced value of the properties would be shared between the parties according to the terms of the settlement.
The company’s latest caution was prompted by concerns over proposals to dispose of some or all of the properties through a purported liquidator. NICON said the authority and appointment of the individual or entity claiming that role are currently the subject of legal proceedings.
The insurer therefore urged prospective purchasers, financial institutions, property developers and other interested parties to carry out thorough checks before committing funds to any transaction involving the properties.
NICON said buyers should confirm the legal status of each property, establish ownership interests and verify that the person or organisation offering an asset for sale has the requisite authority under the court-approved arrangement.
The company also warned prospective investors against relying solely on assurances from intermediaries or third parties.
It advised interested parties to obtain independent legal and documentary confirmation before signing agreements, transferring funds or otherwise committing themselves to a purchase.
According to the insurer, the July 23, 2025 consent judgment remains the principal framework governing the settlement between NICON and PTAD, subject to any subsequent ruling or order issued by a competent court.
NICON stressed that the commercial value of the properties should not take precedence over establishing the legality of the proposed transactions.
It also called on government agencies and other stakeholders involved in the disposal process to ensure strict compliance with the terms of the court-approved settlement.
The company said its warning was intended to protect potential buyers from entering into transactions that could subsequently become embroiled in litigation and was not intended to prejudge pending court proceedings.
NICON reiterated that anyone considering purchasing any of the 28 properties should undertake comprehensive legal and commercial due diligence, including verification of title documents, ownership interests, applicable court orders and the authority of those handling the proposed sale.
The insurer maintained that prospective purchasers should establish before making payments or executing sale agreements that the transaction complies with the July 2025 consent judgment and any subsequent orders issued by a competent court.
