Guinea Insurance Gets New Directors

In response to calls by shareholders of the company, Guinea Insurance Plc has announced the appointment of Barrister Godson Ugochukwu as the chairman of the company to replace Sir Emeka Offor.


In a statement, the insurance firm also named Mr. Anthony Achebe, Alhaji Hassan Dantata, Simon Bolaji, Chief Osita Chidoka, Mr. Emeka Uzoukwu, Dr. Mohammed Tahir Attahir as non-executive directors.


Alhaji A.O. Kadiri was however, returned as the Independent director of the company.


The company’s Team Lead, Corporate Communications, Ufot Hanson, said the board also approved the appointment of Isioma Omoshie, the company secretary/legal adviser as the acting managing director/chief executive officer until the appointment of a substantive MD/CEO is ratified.


This is coming on the heels of the recent resignation of the erstwhile MD/CEO, Mr.Polycarp Didam, who has moved on to pursue other intermediaries.


The statement said the Company has positioned itself to go with the current tide of structural and operational changes in the insurance industry and has therefore, moved to ensure sound business practice and effective compliance with all statutory requirements and the code of good corporate governance as stipulated in section 5.04 (vii) of the 2009 Corporate Governance Code of NAICOM.


According to him, Sir Emeka Offor (Chairman) and four Non-Executive Directors namely, Fred Udechukwu, HRH Eze Smart Nze, Prof. E.L.C Nnabuife and Engr. Emeka Agusiobo retired from the Board of the company effective March 23, 2016.


The shareholders of Guinea Insurance Plc recently called for the sack of the former Chairman of the company, Sir Emeka Offor, over what they describe as the lack of corporate governance in the company.


This, according to investigation, was as a result of the inability of the board of directors, led by Offor, to answer some questions asked by some shareholder groups during the company’s recent Annual General Meeting, held in Uyo, Akwa Ibom State.


Offor was alleged to have diverted about N500 million, which was supposed to be part of shareholders’ funds, to an unknown account. He was expected to have injected the said amount in the company’s capital base through Global Scansystems Technology Limited, his company, after Guinea Insurance failed to meet the regulator’s N2.5 billion minimum capital requirement.


The aggrieved shareholders have written several letters to the National Insurance Commission, the insurance regulator, and the Securities and Exchange Commission, the apex capital market regulator, informing them of what they described as the reincarnation of the 2008/2009 banking sector crisis – when some bank’s managing directors were reported to have depleted shareholders’ funds.


National President, Constance Shareholders’ Association of Nigeria, Alhaji Shehu Mikail, said that he was surprised that the regulators failed to respond to his letters as they seemed to have taken the allegations with levity.


He particularly alleged that the chairman did not inject the N500 million into the insurance company as announced at the previous annual general meeting but used his Global Scansystem firm to deceive the investors.


“I attended the last AGM in Uyo to ask the chairman to account for the fund but the chairman didn’t attend the meeting as usual. This is the fourth investors’ meeting he has failed to attend in three years. The unfortunate thing is that other board members are like puppets because they couldn’t account for the fund nor serve as checks for him,” he alleged.


Contrary to the claims of the management of the insurance firm that it is committed to protecting its shareholders from events that hinder the sustainable achievement of financial performance objectives, a top source in the company argued that the board had depleted the shareholders fund and was presently scheming to refund.


Source: Daily Independent