The National Insurance Commission (NAICOM) has dissolved the board of International Energy Insurance Plc. 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.
The action is pursuant to the powers conferred on NAICOM 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.
Members of the Interim Board include the former Director-General of the National Pension Commission (PENCOM), Mal. Muhammad Kabir Ahmad who 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 Ltd (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. According to NAICOM, the company remains a going concern with capacity to continue to underwrite all types of general insurance business.