The National Insurance Commission (NAICOM) has dissolved the board of International Energy Insurance (IEI) on account of allegations against some directors of the company.
This was contained in a statement issued by the head of corporate affairs of the commission, Rasaq Salami, in Abuja on Sunday.
According to the statement, the Chief Executive Officer and some key officers of IEI would proceed on leave to ensure an investigation into the affairs of the company.
“This is as a result of financial reporting failures, allegations made against some directors and board squabbles, necessitating regulatory action in the interest of policyholders and other stakeholders of the company,” NAICOM said.
It stated that a three-member interim board had been appointed to oversee the company while the investigation are on.
The interim board would be chaired by former director-general of the National Pension Commission, Muhammad Ahmad, while former commissioner, Securities and Exchange Commission, Daisy Ekineh, and former acting managing director of Societe Bancaire Nigeria Ltd, Bridget Adeyinka, would be members.
“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,” NAICOM said.
Source : Independent