GNI denies receiving regulatory sanctions for insider trading

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Matthew Otoijagha

Great Nigeria Insurance (GNI) Plc. has denied receiving any regulatory sanctions for insider trading from the Securities and Exchange Commission (SEC) or National Insurance Commission (NAICOM).

This, according to the company, was contrary to allegations by the House of Representatives Sub-Committee on Capital Market and Institutions following the public hearing held on October 31, 2018.

Managing director/CEO of the underwriting firm, Mrs. Cecilia O. Osipitan, while reacting to the development in Lagos said, the management of GNI Plc. was aware that the House of Representatives Sub-Committee on Capital Market issued a statement on Monday, November 5, 2018, threatening to authorize SEC to take over its management.

She assured the company’s shareholders and general public that the organization was compliant with all the rules and guidelines of the various regulatory agencies that oversee its operations, thereby, making all the allegations of insider dealings, failure to pay shareholders’ dividends, tax evasion and failure to comply with corporate governance regulations inaccurate.

She stated that the restructuring process put in place by the board and management has boosted its retained earnings of circa from N2.4billion in 2009 to N0.59billion in 2017. This improvement in retained earnings, she stressed, was achieved through organic growth only.

She added that the company has also been meticulous about making tax remittances to both the state and federal governments and has up-to-date receipts to corroborate this fact. While allaying the fears of all stakeholders, she said the company would ensure that the misconception regarding its operations would be resolved with the committee.

 

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