In a development that may have significant implications for property buyers, the management of NICON Insurance Limited has urged prospective investors to verify the authority of sellers regarding 28 properties linked to the Pension Transitional Arrangement Directorate (PTAD). This warning comes in the wake of a court judgement from July 2025, which stipulates that any disposal of these properties must comply with the ruling.
The court judgement, according to THISDAYLIVE, is aimed at resolving a long-standing dispute between NICON and PTAD over the ownership of these properties. The judgement specifies that NICON is the rightful owner of these properties, and any sale must be authorised by the insurance company.
This development serves as a crucial reminder for potential buyers to exercise due diligence when investing in properties, particularly those with complex ownership histories. Prospective buyers are advised to verify the authenticity of the selling parties and ensure compliance with any relevant court orders or judgements.
NICON Insurance Limited is a leading Nigerian insurance company, known for its diverse portfolio of investments. The Pension Transitional Arrangement Directorate, on the other hand, is a government agency responsible for managing the pension rights of civil servants who retired or separated from the service before the establishment of the contributory pension scheme.
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