IEI Assures Public On NAICOM Intervention | Independent Newspapers Limited
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Business, Insurance

IEI Assures Public On NAICOM Intervention

Posted: May 28, 2015 at 12:00 am   /   by   /   comments (0)

The management of International Energy Insurance (IEI) plc has assured stakeholders that the intervention of National Insurance Commission (NAICOM) to dissolve former board of the insurance firm was not to take over the company but an intervention to create neutrality towards ensuring peace and order.

Interim managing director of the company,Peter Irene, who disclosed this in Lagos, said the insurance outfit is poised for repositioning to enable it satisfy the yearnings and aspirations of the shareholders since the organisation has the potentials to do so.

He emphasised that the company has professionals in energy and general business underwriting, and an innovative business drive, required to deliver value to all its stakeholders.

NAICOM had on May 18, 2015 inaugurated an Interim Board to direct the affairs of IEI, after the dissolution of the former board. The new board comprises Muhammad Ahmad, former Director-General of the National Pension Commission, as the Chairman; others are Ms. Daisy Ekineh, former Commissioner of the Securities and Exchange Commission (SEC), and Mrs. Bridget Ibiyemi, former acting Managing Director of Societe Bancaire  Nigeria Limited (now Unity Bank Plc) and Perter Irene, interim managing director.

The mandate of the interim board is to guide the company through this transition period, to greater stability for the next six months. This is to ensure that the company is professionally and ethically anchored on the tenets of international best practice in alignment with the code of good corporate governance.

IEI remains a going concern with the capacity to continue to fulfill every business obligation and still remains one of the best underwriting firms in Nigeria, Irene said.

The former Board, he noted was dissolved because of persistent unresolved differences which led to the removal of two former Directors from the Board, and the Directors are challenging the propriety of their removal in court.