BREAKING NEWS: 9 Insurance Companies Fail To Submit 2011 Financials

by Free Insurance advice on November 22, 2012 · 1 comment

in General, Insurance in Nigeria, Latest Insurance News, Titbits

The (NSE) has revealed that Nine (9) Quoted Insurance Companies have defaulted in Filing their Audited Financial Statements for 2011

The affected companies as listed in the NSE X- released on November 12, 2012 are:

  1. African Alliance Insurance Plc
  2. Equity Assurance Plc
  3. Goldlink Insurance Plc (under NAICOM Interim Management)
  4. Great Nigeria Insurance Plc
  5. International Energy Insurance Plc
  6. Mutual Benefits Assurance Plc
  7. Insurance Plc AND
  8. Plc
The report also identified Investment & Allied (currently under NAICOM Interim Management) as a delinquent filer of Audited Accounts.
The implication of this is that the “companies have not met the minimum listing standards in terms of timely disclosure of their Audited Annual financial performance and are thus operating below standards (BLS) of the Exchange.” Furthermore, the companies are to be sanctioned with fines.
Findings by Insuranceadvicenigeria revealed that most of these insurance companies listed by the NSE are finding it hard to get NAICOM approval for their 2011 Audited Financials. According to our sources, queries have been raised by the National Insurance Commission (NAICOM) on the Audited Accounts and most of them are yet to give satisfactory responses.
Similarly, additional sources confirmed to Insuranceadvicenigeria that “in one of the companies with headquarters in Lekki-Epe Expressway, Lagos, a key Accounts staff recently resigned in view of the impending danger as he could not wait to have his career rubbished.” Insurancedvicenigeria reliably gathered that the company in question has queries relating to proceeds of the  funds raised during the last recapitalization exercise.
Insuranceadvicenigeria also obtained information regarding a company with its Head office at Yaba, Lagos where a fraud of about N400million was said to have been uncovered during the 2011 Financial year. This might not be unconnected  with its current travails in securing approval for its 2011 Nnual Accounts from NAICOM
Most observers Insuranceadvicenigeria spoke to were full of commendation  for NAICOM oversight functions in making insurance companies more accountable. They believe that it is no longer business as usual.
It would be recalled that the Commissioner for Insurance, Mr Fola Daniel had earlier in the year informed the National Assembly that some insurance companies were operating below acceptable standards. Time would tell whether these companies would be able to resolve the issues seamlessly.
Insuranceadvicenigeria.com would keep you posted of further developments

 

 

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{ 1 comment… read it below or add one }

augustus January 30, 2013 at 10:30 am

Well done NAICOM. Please, keep up with the good work.

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