NAICOM dissolves interim board of Goldlink, appoints 3-member board

National Insurance Commission (NAICOM) has dissolved James Olatunde Ayo-led interim board of Goldlink Insurance plc, and has appointed another three-member interim board to oversee the affairs of the company in the next six months, BusinessDay learnt, last night.

The new board will be headed by Mohammed Mustapha Bintube, a former managing director of Jaiz Bank plc.

The terms of reference of the new interim board include to look at the forensic report on the company and its former directors, pursue the recovery of embezzled funds through all available legal process, with the backing of NAICOM.

However, the Commission retained the management led by Gbolahan Olutayo, who according to sources, had performed well during the period of appointment into the company.

NAICOM had on October 31, 2012, took over the management of Goldlink and also constituted a seven-man interim board of directors to oversee its affairs for six months after the Commission observed irregularities in the company’s 2011 financial account.

The interim board was charged with the responsibility of carrying out full investigation of the financial reports and corporate governance failures observed in the course of reviewing the company’s financial statement for the year ending December 31, 2011.