Apex regulator for the insurance sector, the National Insurance Commission (NAICOM) has appointed an interim board to man the affairs of Unic Insurance Plc. NAICOM’s spokesman Rasaq Salami confirmed the action in an interview with the News Agency of Nigeria (NAN).
Unic holdings (parent company of the firm) which is listed on the Nigerian Stock Exchange (NSE) is yet to issue a formal statement.
Chief Samuel Ordu, has been appointed Chairman, while Theophilus Eke has been named Managing Director. The board has been mandated to conduct a forensic audit on the insurance firm and has a tenure of six months. NAICOM is currently administering two other insurance firms, Goldlink Insurance and International Energy Insurance (IEI).
Unic Insurance was established by prominent businessman and one time head of the Interim National Government, Chief Ernest Shonekan in 1965. South African financial services giant, Liberty Mutual bought 75% of the firm in February 2017. The deal reportedly cost $12 million.
Unic Diversified Holdings (its parent company) is currently trading at ₦0.20 in today\’s NSE session, making it the cheapest price stock on the exchange.
The insurance sector is largely dominated by small firms, mostly owned by one party. Corporate governance is quite poor, as many of the firms are perpetually late in submitting their audited statements. As part of its reforms, NAICOM has adopted a risk-based system. Insurers would underwrite risk in in comparison with their capital base.
This has led to several firms moving to raise capital. Wapic Insurance has gotten the approval of its shareholders to raise a bond. Mutual Benefits in November last year, submitted an application to The Nigerian Stock Exchange for approval and listing of a Rights Issue.
i want to know if this new board can pay my money which i invested in unic insurance saving plan package