NAICOM appoints new CEO for Goldlink Insurance

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NAICOM, Bancassurance, Microfinance banks

The National Insurance Commission (NAICOM) has approved the removal of Funke Moore as Goldlink Insurance Plc’s Acting Managing Director (MD) and Chief Executive Officer (CEO).

Following Moore’s removal, Kenneth Edore Egbaran got appointed as Goldlink Insurance Plc’s new MD/CEO. Moore was appointed Acting Managing Director in June 2016, following the retirement of her predecessor.

Bua group

NAICOM  made the move following a board meeting of the firm held on January 18, 2019. Nahim Abe Ibraheem, Adeyinka Olutungase, and, and Farouk Lawal were also appointed as non-executive directors.

NAICOM took over management of the insurance company in 2012, following anomalies in its financial statements.

Profile of the new MD

Egbaran has worked in the insurance industry for over two decades. From 1988 to 1992 he was a senior superintendent at the Nigerian Reinsurance Corporation.

He then crossed over to the private sector, with stints at Afribank Insurance brokers, Alliance and General Insurance company limited.  and Stanley Morgan insurance brokers. From 2007 to 2011, he was Controller (direct marketing) at Crusader Insurance Plc.

Egbaran holds an AC II certificate from the Chartered Insitute of Insurance, London as well as a HND in Insurance from the Lagos Polytechnic. In 2009, he obtained an MBA  in marketing from the Lagos State University.

Prior to this 

Goldlink Insurance Plc last year obtained shareholders approval to raise N3.3 billion through a rights issue. Moore had stated at the time, that proceeds would be used to reposition the company.

About the firm

Goldlink Insurance Plc was incorporated on April 15, 1992, as a Private Limited Liability Company and granted the license to operate as a full-fledged insurance company on September 8, 1993.

Goldlink is currently trading at N0.53 on the floor of the Nigerian Stock Exchange (NSE).

The company’s most recent results are for the 2015 financial year. Gross premium written fell from N3.1 billion in 2014 to N2.4 billion in 2015. Loss before tax dipped slightly from N414 million in 2014 to N409 million in 2015. Loss after tax also dropped from N529 million in 2014 to N350 million in 2015.

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