Economy
NAICOM takes over Unic Insurance Plc
The insurance sector on Friday avoided a catastrophic fall of one of its stakeholders after the National Insurance Commission (NAICOM) confirmed it had taken over the management of Unic Insurance Plc to reposition the company for better performance.
NAICOM’s spokesman, Mr Rasaaq Salami, said in Lagos that the takeover became imperative to rescue the company from distress. Salami said the commission had subsequently appointed an interim board to manage the affairs of Unic Insurance Plc for the next six months.
He said the members of the interim board included Mr Samuel Ordu as chairman, Mr Theophilus Eke as Managing Director, Mrs Ifeyinwa Momah and Mr Nicholas Shaiyen. “The commission gave Ordu and his team six months to do a forensic audit on the financial position.
“Forensic audit would be carried out on the corporate governance failures observed in the course of reviewing the financial statement of the company,” Salami said.
-
News1 day agoBreastfeeding can improve Nigeria’s economy—Commissioner
-
Oil and Gas1 day agoOil prices drop 5% to three-week low after Trump cancels attack on Iran
-
Oil and Gas1 day agoNNPC remits N6.286trn into federation account between January and June 2026, issues another tender to sell Cawthorne crude
-
News1 day agoNESG appoints Engr. Adeleye Falade, FNSE to its board
-
Economy1 day agoEBID, CORIS Holding sign 80m euro financing agreement to strengthen food, energy, agric value chains in West Africa
-
Stock Market1 day agoNGX All-Share Index advanced by 0.18%, capitalisation increased by 0.18% to N158.61trn
-
Economy8 hours agoNigeria woos U.S. solid minerals investors
-
Oil and Gas8 hours agoDangote refinery aims to raise $5bn with October listing, source says