26 June 2012

Nigeria: NAICOM Yet to Approve Accounts of 20 Insurance Firms

Lagos — At least 20 insurance firms' 2011 financial reports have not been cleared by the National Insurance Commission (NAICOM), Daily Trust gathered.

Thus the insurance firms have not rendered their audited financial statements 2011 to the Nigerian Stock Exchange.

The insurance firms are: African Alliance Insurance Plc, Cornerstone Insurance Plc, Equity Assurance, Goldlink Insurance Plc, Great Nigeria Insurance Plc, Guinea Insurance Plc, International Energy Insurance, Law Union and Rock Insurance Plc, Linkage Assurance, Mutual Benefit Assurance and Niger Insurance Company Plc.

Others are, Staco Insurance Plc, Standard Alliance Plc, Unic Insurance Plc, Unity Kapital Assurance Plc, Universal Insurance Company Plc, Resort Savings & Loans Plc, Crusader (Nig.) Plc, Royal Exchange Plc and Investment & Allied Assurance Plc.

Mr. Lucky Fiapka, spokesman for the National Insurance Commission (NAICOM) said the commission was not deliberately holding unto their accounts but queried some portions of the accounts which weren't explicit enough.

According to him, if the insurance companies resolved all the grey areas, the commission would approve the accounts forthwith.

He also noted that some of the companies submitted their annual accounts late thus it would take some time to vet.

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