Press Release June 3, 2015/IEI
NAICOM Intervention
On Monday May 18th the National Insurance Commission (NAICOM) inaugurated a new interim Board to direct the affairs of International Energy Insurance Plc, after the dissolution of the former board. The new board comprises Malam Muhammad Kabir Ahmad, former Director–General of the National Pension Commission, as the Chairman others are Ms. Daisy Ekineh, former commissioner of the Securities and Exchange Commission (SEC), and Mrs. Bridget Ibiyemi, former acting Managing Director of Societe Bancaire Nigeria Limited (now Unity Bank Plc).
Reasons for intervention
The former Board was dissolved because of persistent unresolved differences which led to the removal of two former Directors from the Board and the Directors are challenging the propriety of their removal in court. This unfortunate development polarized the Board and all efforts by NAICOM to amicably resolve the matter failed. This led to the consequent intervention of NAICOM to protect the company and the interest of policy holders and all stakeholders.
Mandate of the new Interim Board
The intervention of NAICOM is not to take over the company but an intervention to create neutrality towards ensuring peace and order. The mandate of the interim board is to guide the company through this transition period, to greater stability for the next six months. The aim is to ensure that the company is professionally and ethically anchored on the tenets of international best practice in alignment with the code of good corporate governance IEI remains a going concern with the capacity to continue to fulfill business obligations and still remains one of the best underwriting firms in Nigeria.
Future Outlook
This interim board is poised to embark on repositioning the company to play leading role industry, having all the potentials to do so. IEI has some of the most competent hands in energy and general business underwriting, and an innovative business drive. These are core competences that the company has maintained over the years. It is pedigree that has been built into the company’s value offerings.
Conclusion
It is remarkable that despite the distractions at the board level the company still continues to do well I its operations. This evident in the total collection figures in the first three months of 2015. Which stands as N1, 421,323,367.41; and paid out N474,399,034.30 as claims. The interim Management Board is optimistic that the short term stewardship in creating the needed stability will boost greater confidence of the insuring public, to continue to enjoy the unique service offerings of IEI.
Source: Proshare
