Insurance

NAICOM to liquidate Investment and Allied Assurance, appoints receiver

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has appointed Odion Unuakhe as the receiver/liquidator to wind up the affairs of Investment and Allied Assurance Plc.

The Secretary/Legal Adviser, NAICOM, Dr. Talmiz Usman, disclosed this at the 2020 NAICOM seminar for insurance journalists in Kano, Kano State.

NAICOM had on August 6, 2018 cancelled the operating licence issued to Investment and Allied Assurance Plc.

It would be recalled that in February 2011, NAICOM, in exercise of the powers conferred on it under part VII of the NAICOM ACT 1993, assumed control of management of the firm, in order to stem the tide of awkward practices, leading to corporate governance failure and operational lapses.

NAICOM assumed control, removed the executive management team of the company and put in place an interim management to take charge of the affairs of the company.

Shortly after the takeover by the new management, it engaged the services of a firm of chartered accountants to carry out an investigation on the company’s affairs and the accounts.

NAICOM’s audit of the account uncovered the facts that the proceeds of about N14.7bn realised from the private placement made by the company between 2006 and 2008 were not accounted for.

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