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Independent  Shareholders Commend NAICOM for Resuscitating  International Energy Insurance 

By Adaobi Rhema Oguejiofor

The Independent Shareholders Association of Nigeria (ISAN) has commended the National Insurance Commission (NAICOM) for resuscitating the International Energy Insurance (IEI).

The National Coordinator of ISAN, Moses Igbrude, made this commendation in Lagos where he stated that the shareholders were delighted that IEI was back and stronger.

He said that by restoring the Company, the Commission has saved the jobs of the firm’s employees, saved investors’ investments, protected policy holders and has also impacted the Nigerian economy, as the Company would continue to pay taxes.

Igbrude added that the shareholders were grateful to NAICOM for bringing back the underwriting firm, laying emphasis that with the restoration, the Commission has proved that it is not interested in the fall of any company.

He also praised NAICOM for appointing a Board to manage the Company during the crisis, as well as allowing a genuine investor to take over the Company.

Igbrude said that shareholders were against regulators for liquidating enterprises, and that liquidation robs the economy of taxes, jobs, good investments and also robs policy holders of their finances.

He urged NAICOM to apply the same efforts used in reviving IEI to save other firms that are not doing well.

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