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NAICOM dissolves Board of International Energy Insurance

17 May 2015, 16:19

Abuja - The National Insurance Commission has dissolved the Board of the International Energy Insurance (IEI) following allegations against some directors of the company.

This is contained in a statement issued by Rassaq Salami, Head Corporate Affairs of the commission in Abuja on Sunday.

According to the statement, the Chief Executive Officer and some key officers of IEI will proceed on leave to pave way for thorough investigation of the affairs of the company.

It stated that the action was pursuant to the powers conferred on NAICOM by enabling laws to intervene in the affairs of the company.

"This is as a result of financial reporting failures, allegations made against some directors and board squabble necessitating regulatory action in the interest of policyholders and other stakeholders of the company," it stated.

It stated that a three-member interim board had been appointed to oversee the affairs of the company while necessary investigation was being conducted.

Also Read: Nigeria energy firm rewarded at Ghana summit

It stated that the interim board would be chaired by Muhammad Ahmad, a former Director-General of the National Pension Commission.

The others were, Daisy Ekineh, a former Commissioner, Securities and Exchange Commission; and Mrs Bridget Adeyinka, a former Acting Managing Director of Societe Bancaire Nigeria Ltd., now Unity Bank.

"The appointment, which takes immediate effect, shall be for an initial period of six months, subject to renewal if necessary."

"The board is mandated to conduct forensic investigation into the affairs of the company and identify factors and persons responsible for the shareholder’s value."

"The company remains a going concern with capacity to continue to underwrite all types of general insurance business," it stated. 


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