The National Insurance Commission has dissolved the Board of the International Energy Insurance (IEI) following allegations against some directors of the company.
A statement issued by Rassaq Salami, Head Corporate Affairs of the commission said the Chief Executive Officer and some key officers of IEI will proceed on leave to pave way for thorough investigation of the affairs of the company.
It stated that the action was pursuant to the powers conferred on NAICOM by enabling laws to intervene in the affairs of the company, adding,”This is as a result of financial reporting failures, allegations made against some directors and board squabble necessitating regulatory action in the interest of policyholders and other stakeholders of the company,” .
It stated that a three-member interim board had been appointed to oversee the affairs of the company while necessary investigation was being conducted.
According to Salami, The appointment, which takes immediate effect, shall be for an initial period of six months, subject to renewal if necessary.”
The board is mandated to conduct forensic investigation into the affairs of the company and identify factors and persons responsible for the shareholder’s value.”
The company remains a going concern with capacity to continue to underwrite all types of general insurance business,” it stated.