The National Insurance Commission (NAICOM) has taken over the management of UNIC Insurance Plc. one of the ailing firms and set up a 4-man interim board to pilot the affairs of the company for the next six months.
According to NAICOM, Chief Samuel Ordu, has been appointed as Chairman of the underwriting firm. Ordu was NAICOM’s former Director of Finance & Accounts. The interim Managing Director/Chief Executive Officer is, Theophilus Eke, while other members are Ifeyinwa Ann Momah and Nicholas Shaiyen.
NAICOM noted that the interim board has an initial period of six months to do a forensic on the financial position, as well as, turn around the corporate governance failures observed in the course of reviewing the financial statement of the company.
The firm’s shareholders’ funds as at 2016, stood at N587.67 million, which was far below the statutory N2 billion for life insurers. Its total assets, N4.17 billion; gross premium, N38.769 million and management expenses N244, 929, (6.32 per cent).