By Patience Saghana and Chika Akunne
LAGOS – Heads are rolling right now in the insurance industry over the findings of the National Insurance Commission (NAICOM), from its post-recapitalisation inspection, as two chieftains are already out and more to go.
Boards of directors of the various insurance firms are already taking the bull by the horns thus advising their chief executives to resign, following the pressure from NAICOM based on its inspection report of individual companies.
The two chief executives already asked to resign by their boards are Mr Segun Balogun, Managing Director ofÂ IntercontinentalWapic Insurance Plc and Mr Olusegun Omosehin, Managing Director of AIICO General Insurance Plc.
Vanguard can reveal that more heads are to roll going by the post-recapitalisation inspection by the commission in which unpalatable reports are already flying to the directors of insurance companies.
Commissioner for Insurance, Mr Fola Daniel, in an exclusive interview with Vanguard in Abuja, said the commission was going to inspect the books of insurance companies and advised the board of directors of those companies accordingly.
According to him, â€œWe are also going to look at the books of insurance companies. One of the powers of the commission is to evaluate the books of insurance companies and where need be, we advise them.â€
He said, â€œTo drive our point home, NAICOM intends to parley with directors of insurance companies and we are going to bring to fore common issues that are recurring in the companies and also use that forum to talk to the directors on mergers and acquisitions.
â€œThere is no end to reform, we only know of the beginning. It is usually very dynamic and it has become imperative in the financial sectorâ€
He stated, â€œInsurance is part of the financial sector and we cannot be immune from what is happening around us.â€