Guinea Challenges NAICOM Over Suspension

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Guinea Insurance Plc has debunked claims that the National Insurance Commission has suspended it from doing new insurance business.

Its Chairman, Godson Ugochukwu in a statement, said contrary to reports by NAICOM that the company has been suspended from transacting new businesses, the company is still in business.

He said the allegations levelled against the company by NAICOM as reasons for suspension are false.

In the statement titled:’’Guinea Debunks News Item: NAICOM Suspends Guinea Insurance”, the chairman said: ‘’Our attention has been drawn to various newspaper publications wherein, it was expressly reported that Guinea has been suspended by the NAICOM from writing new businesses on Thursday, 31 January, 2019.

According to the 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.

“On the basis of this, we are constrained as a company to set the record straight by informing the  public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the Board of Guinea had on February 15, 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 also published in various media namely: Punch, Business Journal, The Authority Daily, Blueprint, Supernews, Newscorner, The Revealer, Businesstodayonline, Inspenonline etc between March 2 and 7, 2018   was published in a press statement.

“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 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”, he added.

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