Finally Hammer Falls On UNIC Insurance As NAICOM Revokes Its Operational Licence

Finally, Wednesday marked the end of the road for the UNIC Insurance as the National Insurance Commission (NAICOM) announced the cancellation of its operational licence issued to it.

According to the News Agency of Nigeria reports, the operational licence – RIC 043, was revoked with effect from March 25.

The commission made the announcement in a notice to the general public and policy holders.

The notice was obtained by the News Agency of Nigeria (NAN) in Lagos.

NAICOM stated that the decision was in exercise of the powers conferred on it by enabling laws.

The commission explained that consequently, it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind-up the affairs of the company.

“The general public/policy holders are by this notice required to direct all enquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

“The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003,” NAICOM stated.

It would be recalled that in 2018, the  National Insurance Commission (NAICOM)  had taken over the management of Unic Insurance Plc to reposition the company for better performance.

NAICOM’s spokesman, Mr Rasaaq Salami, who then confirmed the takeover, said it 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, 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.