Less than one year after the death of the founder of Industrial and General Insurance (IGI) Limited, Remi Olowude, the insurance industry regulator, the National Insurance Commission (NAICOM), has ordered the management to conduct a comprehensive review of the company’ s accounting system, capital verification and financial position.
An order signed by the Commissioner for Insurance, Muhammed Kari, and dated July 30, 2015, directed the management to appoint either KPMG, PWC or Delloitte within a period of two weeks from the date of the order to undertake the financial review.
The company was also mandated not to incur any expenditure in excess of N250, 000 without the prior approval of NAICOM.
It was also asked not to carry out new investment or dispose any of its assets without the prior approval of NAICOM.
The regulator also directed the management to make a monthly report of its activities to NAICOM effective from August 2015.
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