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 an interview with the News Agency of Nigeria 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; others –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.