The board and management of Guinea Insurance PLC has debunked ews making rounds that the company has been suspended by the National Insurance Commission (NAICOM) from writing new businesse.
In a statement to the Nigerian Stock Exchange (NSE), the company noted that some newspaper reports, “NAICOM, it was gathered, suspended the company because of its failure to appoint a substantive Managing Director, failure to secure reinsurance treaty, among others.”
According to the statement the company felt constrained to set the record straight by informing the general public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the Board of Guinea Insurance PLC had on 15th February 2018 appointed.
“Mr. Babatunde Oshadiya as Managing Director/Chief Executive Officer of the Company and the proposal for his appointment was submitted to NAICOM for approval. The said notification captioned “Guinea Insurance appoints Oshadiya MD/CEO” was uploaded on Nigerian Stock Exchange (NSE) portal and published in differen newst media.
Meanwhile, on the reinsurance treaty, there is available and incontrovertible evidence showing that Guinea Insurance PLC has a treaty backup for 2019 packaged by its Lead Reinsurance Broker – Glanvill Enthoven Reinsurance Brokers Limited. On December 17, 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance PLC 2019 Reinsurance Treaty Cover Notes to the Company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as “received” by NAICOM on December 18, 2018,” the statement said.
It therefore noted that the Board and Management of Guinea Insurance PLC is currently engaging NAICOM with a view to resolving all attendant issues to the said publication within the shortest possible time.
“We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards; the single-minded determination to emerge a world class enterprise and our conscious obligation to meet regulatory deadlines,” the statement said.
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