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See Why a takeover in UNIC Insurance Plc is necessary

The National Insurance Commission has taken over the management of UNIC Insurance Plc.

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NAICOM said on Sunday that it had set up a four-member interim board to oversee the affairs of the company for the next six months, with Chief Samuel Ordu appointed as the chairman of the firm. Ordu is a former director (Finance and Accounts) at NAICOM.
Theophilus Eke was appointed as the interim chief executive officer/managing director. Other members are Ifeyinwa Ann Momah and Nicholas Shaiyen.
The commission said that the interim board had been given an initial period of six months to do a forensic audit of the financial position of the firm as well the corporate governance failures observed in the course of reviewing the financial statement of the company.
UNIC shareholders’ funds stood at N587.67m as of 2016, which is far below the statutory N2bn for life insurers.
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