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NAICOM Takes Over Unic Insurance Plc, Appoints Interim Board

The National Insurance Commission (NAICOM) today confirmed that it had taken over the management of Unic Insurance Plc to reposition the company on the track of sustainable growth.

The commission’s spokesman, Rasaaq Salami, confirmed this in Lagos, stating that the takeover was necessitated by the need to avoid the risk undertaking company from going into distress.

According to him, the insurance industry’s regulator has appointed an interim board to manage the affairs of insurer for the next six months.

The interim board members are, Samuel Ordu as chairman, Theophilus Eke as Managing Director, Mrs Ifeyinwa Momah and Nicholas Shaiyen.

Salami said: “The commission gave the Ordu-led team six months to do a forensic audit on the financial position. Forensic audit would be carried out on the corporate governance failures observed in the course of reviewing the financial statement of the company,” Salami said.

The finance minister, Mrs. Kemi Adeosun, had yesterday inaugurated the new board of the NAICOM, with Emmanuel Nwosu sworn-in as Chairman.

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