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Insurance commission takes over distressed firm, appoints interim board members

By NewsDesk, 

The National Insurance Commission (NAICOM) has took over management of Unic Insurance Plc for reposition the company for better performance, the action which was seen necessary for insurance sector to prevent a catastrophic that could have befall its stakeholders.

However, the NAICOM’s spokesman, Rasaaq Salami,  that the takeover became imperative to rescue the company from distress and that commission had subsequently appointed an interim board to manage the affairs of Unic Insurance Plc for the next six months.

Briefing newsmen after the action on Friday, Salami disclosed that members of interim board included Samuel Ordu, who would be serving as chairman,  Theophilus Eke, as Managing Director, Ifeyinwa Momah and Nicholas Shaiyen, as member of the management.

“The commission gave Ordu and his 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.

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