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Guinea Insurance Debunks News Item Titled “NAICOM Suspends Guinea Insurance”

Feb 01, 2019   •   by   •   Source: Proshare   •   eye-icon 3248 views

Friday, February 01,2019   03:15 PM / NSE

 

Our attention has been drawn to various newspaperpublications wherein, it was expressly reported that Guinea Insurance Plc  hasbeen suspended by the National Insurance Commission (NAICOM) from writing newbusinesses on Thursday, 31 January, 2019. According to the newspaper reports,“NAICOM, it was gathered, suspended the company because of its failure toappoint a substantive Managing Director, failure to secure reinsurance treaty,among others.” 

On the basis of this, we are constrained as a Companyto set the record straight by informing the general public, businessassociates, shareholders, prospective investors and policyholders that thereport posits compelling stand for a rebuttal as the Board of Guinea Insurance Plc had on 15th February 2018 appointed Mr. Babatunde Oshadiya as ManagingDirector/Chief Executive Officer of the Company and the proposal for hisappointment was submitted to NAICOM for approval. The said notificationcaptioned “Guinea Insurance appoints Oshadiya MD/CEO” was uploaded on NigerianStock Exchange (NSE) portal and also published in various Nigerian medianamely: The Punch, Business Journal, The Authority Daily, Blueprint, Supernews,Newscorner, The Revealer, Businesstodayonline, Inspenonline etc. between 2nd –7th March, 2018.was published in a press statement. 

Meanwhile, on the reinsurance treaty, there isavailable and incontrovertible evidence showing that Guinea Insurance Plc has atreaty backup for 2019 packaged by its Lead Reinsurance Broker - GlanvillEnthoven Reinsurance Brokers Limited. On 17th December 2018, Glanvill EnthovenReinsurance Brokers Limited sent the Guinea Insurance Plc 2019 Reinsurance TreatyCover Notes to the Company; which documents have been duly delivered alongsideall contracting signed slips as evident in the acknowledgement letter stampedas “received” by NAICOM on 18th December 2018. 

The Board and Management of Guinea Insurance Plc iscurrently engaging NAICOM with a view to resolving all attendant issues to thesaid publication within the shortest possible time. 

We are an upwardly mobile company, peopled withskilled professionals, our strength is made manifest in our passion for highstandards; the single-minded determination to emerge a world class enterpriseand our conscious obligation to meet regulatory deadlines.

Proshare Nigeria Pvt. Ltd.

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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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