NAICOM inaugurates interim board for IEI, pays N474 million claims

FOLLOWING the dissolution of the board of the International Energy Insurance Plc (IEI), the National Insurance Commission (NAICOM) has inaugurated an interim Board led by the former Director-General of the National Pension Commission (PenCom), Malam Muhammed Kabir Ahmad, as Chairman to direct the affairs of the firm for the next six months.

Other members of the new Board include former Commissioner of the Securities and Exchange Commission (SEC), Ms. Daisy Ekineh, and former acting Managing Director of Societe Bancaire Nigeria Limited (now Unity Bank Plc), Mrs. Bridget Ibiyemi.

According to NAICOM, the former Board was dissolved owing to persistent unresolved differences which led to the removal of two former directors from the Board and the directors challenging the propriety of their removal in court. “This unfortunate development polarised the Board and all efforts to amicably resolve the matter failed.

“Meanwhile, this incident has brought subsequent intervention from NAICOM to protect the company and the interest of policy holders and all stakeholders”, NAICOM explained.

Despite the power tussle crisis, the interim managing director of the company in a statement said that the firm still maintained standard as it is still doing well in its operations.

In its first quarter of 2015, its total premium collected stands at N1, 421, 323, 367.41, and paid a sum of N474, 399, 034.30 as claims.

It must be recalled that NAICOM in 2012 dissolved the Board of Goldlink Insurance Plc and immediately constituted a seven-man interim Board of Directors to oversee its affairs over anomalies/misstatements discovered in the audited financial statements of the company for the year ended December 31, 2011.

It is important to note that the intervention of NAICOM in the firm is not to take over the company but to create neutrality towards ensuring peace and order.

The interim Managing Director further explained that the mandate of the new board is to guide the company through its transition period, and to greater stability for the next six months.

“The aim of this new Board is to ensure that the company is professionally and ethically anchored on the tenets of international best practice in alignment with the code of good corporate governance.

“IEI remains a going concern with the capacity to continue to fulfill every business obligations and still remains one of the best underwriting firms in Nigeria.”

The interim MD further said that the Board is poised to embark on repositioning the company to play leading role in the industry, having all the potentials to do so.
 “IEI has some of the most competent hands in the energy and general business underwriting, and an innovative business drive.

These are core competencies that the company has maintained over the years. It is a pedigree that have been built into the company’s value offerings.”

The interim Board however expressed optimism that its short term stewardship will create the needed stability to boost greater confidence of the insuring public to continue to enjoy the unique service offerings of IEI.