NAICOM

Nnamdi Duru

In furtherance of its regulatory oversight function, the National Insurance Commission (NAICOM) has taken over the management of Goldlink Insurance Plc, one of the composite insurance companies in the country.

The commission has also reconstituted a seven-man interim board of directors to oversee the affairs of the company for the next six months with effect from Wednesday, October 31.
According to the Assistant Director, Corporate Affairs, NAICOM, Mr. Lucky Fiakpa, the constitution of the interim board followed the recent resignation of members of the board of directors of the company.

He stated that the resignation of members of the company’s board became apparent after the commission uncovered anomalies and misstatements in the audited financial statements of the company for the year ended December 31, 2011.

The interim board, Fiakpa said, is charged with the responsibility of carrying out full investigation on the financial reports and corporate governance failures observed in the course of reviewing the company’s financial statement for last year.

He added that the interim board, which shall be for six months in the first instance, has Mr. James Olatunde Ayo, former Managing Director of Royal Exchange Assurance Plc as Chairman and Mr. Gbolahan Olutayo, who is now the Managing Director.
Other members of the interim board include Mr. Adeyinka Olutungase who would serve as Chief Finance Officer (CFO), Ambassador Umar Damagun, Alhaji Sashe Dabana, Prof. Chioma Kanu Agomo and Mallam Abubakar Sadiq Mijinyawa as an Independent Director.

The commission however, reassured all stakeholders in the company, particularly policyholders and shareholders that their stakes in the company were in no way jeopardised by the change of board members. “It is important to note that this development does not any way affect the capacity of the company to provide dependable insurance services,” Fiakpa assured.