• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
NAICOM sacks ‘fake directors’ from firms

NAICOM sacks ‘fake directors’ from firms

November 8, 2016
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Food Prices in Nigeria Soar in July 2024

Food Prices in Nigeria Soar in July 2024: Beans, Eggs, and Yam Lead the Surge

August 27, 2024
Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

Fed Rate Cuts Could Offer Respite for Nigeria’s Naira and Economy

August 27, 2024
Nigeria's Manufacturing Sector Struggles in Q2 2024

Nigeria’s Manufacturing Sector Struggles in Q2 2024: Growth Slows Amid Economic Challenges

August 27, 2024
Nigeria's Agricultural Sector Shows Modest Growth in Q2 2024

Nigeria’s Agricultural Sector Shows Modest Growth in Q2 2024: Crop Production Remains Key Driver

August 27, 2024
Nigeria's Economy Grows by 3.19% in Q2 2024

Nigeria’s Economy Grows by 3.19% in Q2 2024: Services and Industry Lead the Charge

August 27, 2024
States Share $71 Billion in Seven Years, But Poverty Persists

States Share $71 Billion in Seven Years, But Poverty Persists: What’s Going Wrong in Nigeria?

August 26, 2024
Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

Interest Rate Hikes, Inflation Squeeze Profit Margins for Nigerian Paint Manufacturers

August 26, 2024
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Sunday, July 20, 2025
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home LATEST NEWS

NAICOM sacks ‘fake directors’ from firms

by Haruna Magaji
November 8, 2016
in LATEST NEWS
0
NAICOM sacks ‘fake directors’ from firms

NAICOM sacks ‘fake directors’ from firms

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The regulatory order placed on Goldlink Insurance Plc and International Energy Insurance (IEI) and others by the National Insurance Commission (NAICOM) is yielding results.

The commission has booted out some directors from the companies.

Similarly, the Commission claimed that a particular chairman returned N66 million cash looted from a risk bearing firm.

Commissioner for Insurance, Mohammed Kari who spoke with reporters in Gombe, Gombe State, said parties that engaged in corrupt practices would be reported to anti-graft agencies for prosecution.

He said shareholders who looted shares without paying for them had  been dragged to the Economic and Financial Crimes Commission (EFCC).

He alleged that at Goldlink Insurance, some shareholders acquired claims without paying, adding that genuine shareholders of the companies have been identified.

He said: “There are two types of interventions. These are direct intervention and regulatory orders; the regulatory order of these companies is based on restrictions on their spending limit. We don’t involve ourselves in managing the companies. We ensure that they refer whatever they are spending to the commission for approval.

“In most cases, the technical issues like claims, reinsurance are not part of the issues they refer to us for approval and so technical order should not be a reason why any company will say our intervention is a problem to their operations. In the first place, a company falls under regulatory order because it is found to have violated significant issues of the regulation. Most of them have internal squabbles like corporate governance, financial or solvency margin issues and inability to pay claims.

“Some of the companies are under direct order where the commissioner set up an interim management to look into the problems of the company. There was an internal squabble within IEI and the board of directors resigned from the board because of this problem. We set up an interim management which was empowered to conduct a forensic review and investigation into these companies.

“The forensic review has done so many things that normal return inspection will not be able to identify. In the process of investigation, we also found that some of the shareholders of these companies were just shareholders by name. In the case of Goldlink, most of the shareholders acquired claims without paying for them. “Our position is that if you acquire share without paying for them, you must relinquish the shares voluntarily. So, if we did not do a share audit, we would not be able to determine the real shareholders. You will not be able to know that most of these so-called directors are just sitting there as majority shareholder and they are not paying for them.

“We have collaborated with other regulatory bodies like Securities and Exchange Commission (SEC) because most of these issues are corporate governance issues, relating to the ownership of these companies.

“We relate with them to have meetings and engagement to find a way to cover for the unpaid shares where it is possible and also refer some of these cases to relevant law enforcement agencies to ensure that the issues are properly addressed.”

On whether or not the Commission will bail out the embattled companies like it was done with banks by the Asset Management Company of Nigeria (AMCON) and the Central Bank of Nigeria (CBN), the Commissioner said NAICOM cannot bail companies out under insurance arrangement.

“Our law does not empower us to do that. Even the bailout, we always look at how we make these companies to bail themselves out because before you talk about bailout, the company must be able to bail itself out. In doing that, all the process of recovery of stolen funds must be returned. We have seen the problem of bailout where AMCON is trying to recover all these monies. Nigerian economy should not be used to fund financial recklessness of some people,” he added.

Share196Tweet123
Previous Post

NAICOM Forecloses Bailout For Ailing Insurance Firms

Next Post

Nigeria among top nations in foreign remittances –Western Union

Haruna Magaji

Haruna Magaji

Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - harunamagaji@financialwatchngr.com

Next Post
WESTERN UNION

Nigeria among top nations in foreign remittances –Western Union

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Stanbic IBTC launches Africa-China Agent Value Proposition

List of Stanbic IBTC bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Banks Employ More Contract Staff as full staff continue to dwindle

Nigerian bank employee grades and levels

June 14, 2021
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account

November 17, 2020
Zenith Bank2

List of Zenith bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
Union Bank2

List of Union bank Routing Number, sort codes and branches in Nigeria

May 2, 2023
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
A Comprehensive Guide to the European Union Blue Card

Unlocking Opportunities: A Comprehensive Guide to the European Union Blue Card

August 31, 2024
Naira Redesign Policy Causes Banks' Deposits with CBN to Plummet by 95.82%

Currency in Circulation hits all-time-high Fueling Inflationary Pressures

August 29, 2024
Ecobank Nigeria Launches Oja Oge Pop up Marketplace to Empower SMEs

Ecobank Nigeria Launches Oja Oge Pop-up Marketplace to Empower SMEs

August 28, 2024
inflation Push Over 31 Million Nigerians into Acute Food Shortage

Insecurity and Economic Woes Push Millions of Nigerians into Acute Food Crisis

August 28, 2024
NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

NAFDAC Cracks Down on Use of Unapproved Saccharine in Bread Production

August 27, 2024
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.