Goldlink Insurance to Submit 2015 Audited Results January
By Goddy Egene
The management of Goldlink Insurance Plc has attributed the delay in the submission of its 2015 audited financial statements to some issues that need to be resolved with its auditors and primary regulator, National Insurance Commission (NAICOM).
Going by the disclosure rules of NSE, Goldlink Insurance ought to have submitted its audited results to the market. However, in a notification to the exchange, the insurance firm, said it acknowledges how critical the timely disclosure of information is, it will submit the results by the second week of January 2017.
Goldlink Insurance witnessed the intervention of NAICOM in 2012 following   governance and financial crises. An interim management board (IMB) was appointed. The insurance sector regulator reconstituted the  IMB  last February, which  is working towards resuscitating the company.
The acting Managing Director of Goldlink Insurance, Mrs. Olufunke Moore had told market operators   the company was planning to raise about N8 billion to boost its performance.
He said the N8 billion, which will be raised either by way of rights issue or public offer, is part of recommendations by the IMB.
According to her, the fresh capital will enable the company to meet up with the share capital requirements of the 2003 Insurance Act, as a composite insurer.
She stated that the capital injection will return the company to solvent position and undertake big ticket transactions.
She said the recapitalisation would reinvigorate the company’s marketing strategy in 2016 in pursuit of its objective of reclaiming its market share in the insurance industry.
“Besides, the company will grow its gross premium income from the set target of N5.2 billion in 2016 to N10.5 billion in 2019 on successful conclusion of the offer,” she said.
Moore said the IMB, which has the mandate of assuming oversight responsibilities and performing normal duties of Board of Directors for sound management and growth of the company,  has been able to  re-organise the management with resultant return of vibrancy and efficiency.
“The IMB also took steps to reinforce budgetary control as an effective tool for financial and expenditure management and also commenced the review of past financial and employment policy and practices of the company. The IMB equally commenced the process of sensitising prospective investors, both existing shareholders and external investors to achieve the recapitalisation mandate,” she said.
Stockbrokers and the management of the NSE commended the company for  briefing the market operators on the  state of affairs of the insurance firm.