• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

  • Fact-Check
  • Economy
    • NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

      Customs, Defence Bureau Unveil Airboat for Smuggling War

      Customs Begins Live Operations of Automated Excise Register System

      Still on the “National Single Window” Project By Abdulsalam Mahmud

      Minister of Finance Wale Edun and the Comptroller General of Customs Bashir Adeniyi decorating OP Olaniyan

      Customs Generates N3.7trn in H1 2025 as FG Targets Enhanced Private…

  • National
    • Shehu Mohammed, corps marshall

      SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide

      Troops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover…

      Customs Recruitment: Guides on How Shortlisted Applicants Can Validate Emails for…

      Professor Isa Ali Ibrahim Pantami and Nafisa Abdullah Aminu

      Global Winner Nafisa Visits Professor Isa Pantami

      Officers of NSCDC Mining Marshals

      Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri…

    • Government
      • Bauchi Muslim Parliament

        Bauchi Muslim Parliament Backs Senator Buba’s Peace Efforts

        Professor Isa Ali Ibrahim Pantami and Nafisa Abdullah Aminu

        Global Winner Nafisa Visits Professor Isa Pantami

        Charlie Kirk

        Who Really Killed Charlie Kirk? By Femi Fani-Kayode

        Governor Kabir Abba Yusuf and the conjoined twins

        Kano Separated Conjoined Twins Return Home After Successful Surgery in S/Arabia

        Governor Abba Kabir Yusuf, Kano State

        Kano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children…

  • Security
    • Shehu Mohammed, corps marshall

      SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide

      FRSC Secures Conviction for 245 Traffic Offenders in Abuja

      Notorious Thugs that were caught disguised as women

      Security Operatives Arrest Notorious Thugs Disguised as Women in Kano

      Military Troops in Action

      Troops Arrest 12 Suspected Drug Dealers in Kaduna, Rescue Accident Victim…

      Troops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover…

  • Features
    • Charlie Kirk

      Who Really Killed Charlie Kirk? By Femi Fani-Kayode

      Officers of NSCDC Mining Marshals

      Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri…

      Omoyele Sowore, Bayo Ononuga and Adeola Ajayi

      Sowore’s Provocation, Onanuga’s Plea and the DSS Overreach

      Ahmed Balarabe Sa'id

      Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

      Traffic officials tolling the vehicle at the scene in Abuja

      SPECIAL REPORT: Extortion, Blood and Impunity Behind Abuja’s Agbero Menace

  • State
    • FRSC Secures Conviction for 245 Traffic Offenders in Abuja

      Notorious Thugs that were caught disguised as women

      Security Operatives Arrest Notorious Thugs Disguised as Women in Kano

      Military Troops in Action

      Troops Arrest 12 Suspected Drug Dealers in Kaduna, Rescue Accident Victim…

      Troops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover…

      Bauchi Muslim Parliament

      Bauchi Muslim Parliament Backs Senator Buba’s Peace Efforts

  • Event
    • Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

      PHOTOS: BUK Alumni Association Launches Digital Hub to Unite Global Graduates,…

      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      Again, ​IPRA Shortlists Nigeria Customs, IMPR for Golden World Awards, Celebrates…

    • PR Nigeria Award
  • E-Paper
Home Economy Insurance Chief Returns Stolen N66mn Fund… As Directors Acquire Shares without Payments
  • Economy
  • Government

Insurance Chief Returns Stolen N66mn Fund… As Directors Acquire Shares without Payments

By
Economic Confidential
-
November 20, 2016
erewAs Insurance Directors Acquire Shares without payment
An Insurance Company Chairman (name withheld) has returned N66 million stolen fund from an insurance firm through the intervention of the apex Insurance regulator, the National Insurance Commission(NAICOM), Economic Confidential can confirm authoritatively.
In an interview with the Economic confidential, Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Mohammed Kari also stated that there were some Non-Executive Directors (NED) who have left an insurance company and dipped their hands in the firm’s treasury to help themselves.
“I can confirm to you that one Chairman returned sixty-six Million Naira (N66 million).  These are information we don’t go out brandishing. And we have identified quite a few cases like that.  We always stood our ground for refund because these are shareholders money been pilfered,” Kari said.
He noted that the regulatory agency carried out a lot of activities on several insurance companies under regulatory Orders or under intervention, as their actions in no small measure had crippled the operations of most insurance firms leading to near bankruptcy.
He further revealed that some insurance directors acquired equities without actually paying for them, stressing that it was a bad development.
“We have found out that some directors acquired shares without paying for them and we have taken them to the Economic and Financial Crimes Commission (EFCC).  We also believe that what they have done is criminal. We are trying to get them to cough out what they have taken illegally.  And those refunds we believe will go a long way in easing the financial constraints of these companies.
He observed that the development is a confidence booster because some of these people (insurance directors) believe there is no control at all, pointing out that the insurance industry is the only growth area left in the financial sector and this is a fact.
He opined that while the companies are rebranding themselves, we are watching how they behave, because if they clean the ‘frontage’ and the ‘back office’ is left dirty, that will not be good. “If you see a company complaining, know definitely that somebody is squeezing them.  And we have never them complaining as they are doing now” due to increased momentum of the insurance regulator on the regulated.
Meanwhile, NAICOM has released the roadmap for Risk-based supervision and that could also have its own effects in the operations of the companies in the coming year, adding that there are components in the risk-based supervision that may require financial expenditure, or capital review, or structural reviews which will affect the fortune of the companies.
On the outlook for 2017, Kari said “as long as it is still futuristic, we can only say we have a lot in store for us in 2017.  Again a lot of things could even happen this year, because of some of the pronouncements from the code of governance of the FRC which was released recently.”
The Full interview: http://economicconfidential.com/2016/11/insurance-acquired-shares-payment/
NOTE: Economic Confidential is a sister publication of the PRNigeria

 

PRNigeria encourages institutions to be transparent in their information management as it provides news items from authoritative sources for free use by the media
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • (NAICOM)
  • Economic Confidential
  • Mr. Mohammed Kari
Previous articleMNJTF Spokesperson Loses Mum, Sisters in Accident
Next articleOyo Hosts South-West Governors Economic Forum
Economic Confidential
Economic Confidential
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Bauchi Muslim Parliament

Bauchi Muslim Parliament Backs Senator Buba’s Peace Efforts

Professor Isa Ali Ibrahim Pantami and Nafisa Abdullah Aminu

Global Winner Nafisa Visits Professor Isa Pantami

Charlie Kirk

Who Really Killed Charlie Kirk? By Femi Fani-Kayode

Governor Kabir Abba Yusuf and the conjoined twins

Kano Separated Conjoined Twins Return Home After Successful Surgery in S/Arabia

Governor Abba Kabir Yusuf, Kano State

Kano Government Approves ₦1.1bn for School Uniforms to Tackle Out-of-School Children Crisis

Ahmed Balarabe Sa'id

Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

The Minister of Education, Dr. Tunji Alausa

FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

ECOBANK

ECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of Judge character

Femi Fani-Kayode FFK

Fani-Kayode Denies Interest in NFA Chairmanship

Food Items

Crash Food Prices – Tinubu Orders FEC Committee

Suicide Awareness

FG Sets December 2025 Deadline to Decriminalise Attempted Suicide – Pate

UniAbuja entrance gate

Yakubu Gowon University UniAbuja Promotes 104 Academic Staff to Professiorial Rank

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide
  • FRSC Secures Conviction for 245 Traffic Offenders in Abuja
  • Security Operatives Arrest Notorious Thugs Disguised as Women in Kano
  • Troops Arrest 12 Suspected Drug Dealers in Kaduna, Rescue Accident Victim on Abuja Highway
  • Troops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover Motorcycle
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations NationwideFRSC Secures Conviction for 245 Traffic Offenders in AbujaSecurity Operatives Arrest Notorious Thugs Disguised as Women in KanoTroops Arrest 12 Suspected Drug Dealers in Kaduna, Rescue Accident Victim on Abuja HighwayTroops Foil Terrorist Attacks in Katsina, Raid Hideouts in Sokoto, Recover MotorcycleCustoms Recruitment: Guides on How Shortlisted Applicants Can Validate Emails for Online TestBauchi Muslim Parliament Backs Senator Buba's Peace EffortsGlobal Winner Nafisa Visits Professor Isa PantamiNAF Airstrikes Destroy Bandit Hideout in ChikunNigerian Troops Eliminate Notorious Bandit Deputy Commander in KogiPolice Arrest 56 Suspects in Coordinated Raids Across FCTWho Really Killed Charlie Kirk? By Femi Fani-KayodeMilitary Strengthens Counter-Insurgency Drive as PCRC, NSCDC Seek Support in BornoNAHCON staff commend Chairman Over New Postings, PromotionsMilitary Eliminates Terrorist Commanders in Yobe, Foil Attacks in Sokoto, Zamfara
X whatsapp