Goldlink Insurance Update: NAICOM Takes Over; Appoints Interim Board

by Free Insurance advice on November 5, 2012 · 2 comments

in General, Insurance in Nigeria, Insurance Industry Trends, Latest Insurance News, Other Resources & Tips, Titbits

Further to the exclusive report by Insuranceadvicenigeria.com last month, the National (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 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-
  • 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 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 Act 1997 and the Insurance Act 2003.

 

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{ 2 comments… read them below or add one }

patrick orlu January 3, 2013 at 2:54 pm

i will like to always have press releases. thank you. I work with Channels Television. thank you.

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Free Insurance advice January 3, 2013 at 3:45 pm

Thanks Mr Patrick Orlu for your comments.

You can get updates on happenings in the insurance world via our Facebook page (like our fb page) or twitter handle @insurancenaija. You could also send us mail on

Happy New Year!

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