Goldlink Insurance Plc says it is working to resolve all the challenges and regulatory problems, which have bedeviled the company in recent years.

As part of its plans to turn its fortunes around and remain listed on the Nigerian Stock Exchange, the company said it had engaged the services of top auditing firm and professional services provider, KPMG.

The company had run into crisis in 2011 after anomalies were discovered in its audited financial statement for the year ended December 31, 2011.

This led to the resignation of members of its Board of Directors and subsequently, the appointment of an interim (seven-man) Board by the National Insurance Commission on November 1, 2012 to oversee the operations of the company.

A day after, the Nigerian Stock Exchange suspended the trading of the company’s shares and in June this year the Exchange served a notice of delisting on the company and 20 others in line with its listing rules.

The interim management of the company has, however, explained that it was working hard to resolve the problems.

A statement from the company assured the general public that “the interim management set up by the National Insurance Commission has taken steps to address all regulatory concerns as to forestall final delisting of the company from the Exchange.”

According to the company, the efforts to address all issues of statutory compliances and restore the company to the path of normalcy are being vigorously pursued.

It added that it was also working to produce credible financial statements and had put in place measures to ensure good governance going forward.

It said, “As part of its mandate, the management engaged a firm of reputable auditors, the KPMG professional services to produce a credible annual accounts/financial statement for the company in accordance with the international financial reporting standard.

“The company has also put in place adequate measures to ensure strict adherence to regulatory compliance and good corporate governance practices.

“We therefore want to assure our various stakeholders of our commitment to safeguarding their interest. We also seize this opportunity to inform our shareholders of the arrangement to intimate the progress so far in the effort to reposition their company.”

Goldlink Insurance has a market capitalisation of N2.411bn and 4.549 billion shares, according to data obtained from the Exchange with its share price closing at 53 kobo the last time it was traded.

Punch