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Goldlink Insurance Update: NAICOM Takes Over; Appoints Interim Board

Further to the exclusive report by Insuranceadvicenigeria.com last month, the National Insurance Commission (NAICOM) has officially confirmed that all was not well with Goldlink Insurance Plc with the appointment of a seven-member Interim Board of Directors to oversee the affairs of the company with effect from November 1, 2012.

According to NAICOM, “the decision is sequel to the recent resignation of members of the Board of Directors of the company following anomalies/misstatements discovered in the audited financial statements of the company for the year ended December 31, 2012″

The Interim Board which shall be for six months in the first instance has the following as members

  • Mr James o. Ayo – Chairman
  • Mr Gbolahan Olutayo- Managing Director
  • Mr Adeyinka Olutungase- Chief Finance Officer
  • Ambassodor Umar Damagun
  • Alhaji Sashe Dabana
  • Prof. Chioma Kanu Agomo and
  • Mallam Abubakar Sadiq Mijiyawa (Independent Director)
The Interim Board is charged amongst other things with the responsibility  to:
  • Carry out full investigation of the financial reports and corporate governance failures observed in the course of reviewing the company’s financial statement for the year ending December 31, 2011

NAICOM had previously wielded the big stick by appointing an Interim Management/Board for Investment & Allied Insurance Plc  (IAA) and in 2012 had suspended Alliance & General (A & G) Insurance , A  & G Life and Fidelity Bond Insurance Brokers from transacting further insurance business for a period of six (6) months with effect from August 6, 2012 for gross violations of the relevant provisions of the National Insurance Commission Act 1997 and the Insurance Act 2003.

 

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