The National Insurance Commission (NAICOM) has announced the dissolution of the board of International Energy Insurance Plc.
In its place, a 3-member interim board has been appointed to oversee the affairs of the company while necessary investigations are being conducted.
As part of this intervention, the chief executive officer and some key officers will proceed on leave to pave way for thorough investigations into the affairs of the company, NAICOM said in a statement signed by its head, Corporate Affairs, Mr Rasaaq Salami.
According to the commission, the action is pursuant to the powers conferred on the commission by enabling laws to intervene in the affairs of the company as a result of financial reporting failures, allegations made against some of the directors, and board squabbles necessitating regulatory action in the interest of policyholders and other stakeholders of the company.Members of the interim board include the former director-general of the National Pension Commission (PENCOM), Mallam Muhammad Kabir Ahmad, who will serve as its chairman, a former commissioner of the Securities and Exchange Commission (SEC), Ms Daisy Ekineh, and a one-time acting managing director of Societe Bancaire Nigeria Ltd (now Unity Bank Plc), Mrs Bridget Ibiyemi Adeyinka.
Salami said the board is mandated to conduct forensic investigation into the affairs of the company and identify factors and persons responsible for the erosion of shareholders’ value. The appointment which takes immediate effect shall be for an initial period of six months, subject to renewal, if necessary.
The NAICOM also assured the public that the company remains a going concern with capacity to continue to underwrite all types of general insurance business.
Culled from http://leadership.ng/business/434069/naicom-dissolves-board-of-intl-energy-insurance