By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Insurance firm, UnityKapital Assurance Plc (UNITYKAP) on Friday said it has suspended Kins Ekebuike as managing director/chief executive officer (MD/CEO) and two (2) other executive directors (EDs), the company said an issuer’s announcement to Nigerian Stock Exchange (NSE).

This is coming after the board of directors of the company met to appraise the performance of its executive management.

UnityKapital said the board met September 22, 2014 to consider the draft audited accounts of the company for the year 2013 and it was observed that the performance of the company for 2013 audited accounts fell short of satisfactory explanation by executive management.

The two (2) EDs suspended alongside the MD are John A. Oyidih ED, finance & administration and Lawal Mijinyawa ED, operations.

UnityKapital says it has also set up a special committee to investigate the reasons for the consistent poor performance of the firm.

‘’The board also set up a special committee to investigate the reasons for the consistent poor performance of the company for the past three (3) years. Time frame for this investigation is three weeks from the date of the board meeting,’’ the insurer said.

However, the board has appointed Olugbenga Olasogba acting MD, Michael D. Dogo, acting ED, operations and Nkiru T. Achara, acting ED, Human Resources & Administration. These appointees will oversee the affairs of the affected offices pending the conclusion and submission of the report by the committee.

Similarly, UnityKapital said it has appointed Halima J. Wushishi as acting company secretary/legal adviser.

The company said it has notified the National Insurance Commission (NIACOM) of the development.