NAICOM dissolves International Energy Insurance board

The National Insurance Commission (NAICOM) has dissolved the board of the International Energy Insurance (IEI) following allegations against some directors of the company, among others.

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

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, Rassaq Salami, head, corporate affairs, NAICOM, said in a statement on Sunday.

The action, Salami said, is pursuant to the powers conferred on the commission by the 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 squabble necessitating regulatory action in the interest of policyholders and other stakeholders of the company.

Members of the interim board include Muhammad Ahmad, the former director-general of the National Pension Commission (PENCOM), who will serve as its chairman; Daisy Ekineh, a former commissioner of the Securities and Exchange Commission (SEC), and Bridget Adeyinka, a one-time acting managing director of Societe Bancaire Nigeria Ltd, now Unity Bank.

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, Salami stated.