NAICOM Cancels UNIC Insurance Operational Licence, appoints Receiver/Liquidator to Wind-up Company’s affairs
National Insurance Commission (NAICOM) has announced the cancellation of the operational licence of UNIC Insurance Plc – RIC 043 with effect from March 25, 2021.
The Commission also appointed Hadiza Baba Gimba as Receiver/Liquidator to wind up the affairs of the company as well as deal with the issue of the company’s liabilities and advised the general public/policyholders to direct all enquiries and correspondence regarding UNIC Insurance Plc to the appointed Receiver/Liquidator.
NAICOM, in a public notice today titled “Public Notice on Cancellation of Operational Licence of UNIC Insurance Plc – RIC 043,” made available to journalists said, “This is to notify the general public/policyholders that, in the exercise of the powers conferred on her by enabling laws, the National Insurance Commission (NAICOM) has cancelled the operational licence issued hitherto to UNIC Insurance Plc – RIC 043 to operate as Insurance Company with effect from 25th March 2021.
“Consequently, the Commission has appointed Hadiza Baba Gimba, as the Receiver/Liquidator to wind-up the affairs of the Company. The contact address of the Receiver/Liquidator is as follows: Hadiza Baba Gimba, Suite D7 Awmar Plaza, Odimegu Ojukwu Way, Off Abdulsalam Abubakar Way, Gudu, Abuja.
“The General public/policyholders are by this Notice required to direct all enquiries and correspondence regarding UNIC Insurance Plc to the Receiver/Liquidator who will be dealing with its liabilities in accordance with the provisions of the Insurance Act 2003.
It would be recalled that NAICOM in March 2018 took over the management of Unic Insurance Plc and appointed an interim board which included Mr Samuel Ordu as chairman, Mr Theophilus Eke as Managing Director, Mrs Ifeyinwa Momah and Mr Nicholas Shaiyen to reposition the company for better performance.
The commission gave Ordu and his team six months to do a forensic audit on the corporate governance failures observed on the financial position of the company in the course of reviewing the financial statement.
