INSPENONLINE: NAICOM dissolves board of IEI, as former PenCom DG heads new team

Monday, 18 May 2015

NAICOM dissolves board of IEI, as former PenCom DG heads new team

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has announced the dissolution of the Board of International Energy Insurance Plc, to pave way for investigation of the affairs of the company.

In its place, a three-member Interim Board has been appointed to oversee the affairs of the company while necessary investigation is being conducted.

A statement by Head Corporate Affairs NAICOM, ‘Rasaaq ‘Salami! Said as part of this intervention, the Chief Executive Officer and some key officers will proceed on leave to pave way for a thorough investigation of the affairs of the company.

He noted that 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.

He said members of the Interim Board include the former Director-General of the National Pension Commission (PENCOM), Mal. Muhammad Kabir Ahmadwho 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 Limited (now Unity Bank Plc in Consolidation), Mrs. Bridget Ibiyemi Adeyinka.

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 company remains a going concern with capacity to continue to underwrite all types of general insurance business.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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