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. This warning was made in a statement regarding the controversy surrounding the properties.
NICON 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.
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.
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.
NICON advised prospective purchasers not to rely solely on representations by intermediaries or third parties but to obtain appropriate verification. 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.
Key points
- NICON Insurance Limited warns buyers to verify authority of sellers for 28 PTAD-linked properties.
- The warning is based on a July 2025 consent judgement delivered by the Federal High Court in Abuja.
- Prospective purchasers are urged to establish that any proposed transaction is being conducted in accordance with the authority and procedure contemplated by the Federal High Court judgement.
