Why we sacked former excutive management, by UnityKapital Assurance

THE Chairman of UnityKapital Assurance Plc,  Henry James Semenitari, has given reasons   why the company sacked   former Managing Director ,  Kins Ekebuike and John Abu Oyidih , erstwhile Executive Director , Finance and Administration. 

  In a statement endorsed by the Acting Managing Director, UnityKapital Assurance Plc, Olugenga Olasogba and made available to the Guardian office in Abuja, quoted James as saying that the  executives  were involved in  financial mismanagement and non-compliance  with the corporate governance .

  “The former two executive management staff  were sacked in December 2014 as a result of financial mismanagement and non-adherence to corporate governance .”  Meanwhile , Mal. Lawal Mijinyawa – Executive Director (Operations) resigned his appointment in December.”  The chairman said 

  As a result,  Olasogba Olugbenga,  has been appointed the Acting Managing Director to oversee the company, while Michael Dogo and Nkiru Achara were appointed to oversee the offices of Executive Directors Operations, Finance and Admin respectively.

  The Chairman also acknowledged the efforts of the  founding fathers Of the legacy companies who were pivotal to the original plan of consummating the company and which has created the platform on where the company stands today.

  “ Part of our strategy as we move ahead is that, we are resuscitating the clientele base of these legacy companies in other to maximize the full potential of the company to take it to its next level.”

  “As a going concern, UnityKapital Assurance Plc. will continue to focus on key growth sectors of the Nigerian Economy with our enhanced capital base to meet the needs of all stakeholders. The financial year 2014 will be a better business year with the    proactive step and cost management mechanism that the new management has taken to reposition the company for enhanced profitability.” the Chairman said . 

  “The company generated a gross premium income of N2.9 billion against N2.74 billion recorded in the previous year, an increase of N1.65 million or 6%. We recorded a profit before tax of N222.47 million and profit after tax of N264.02 million. The shareholders’ funds stood at N9.01 billion, while paid-up share capital base was N6.933 billion with the solvency margin and liquidity ratio far above the statutory requirements. We settled claims of N502.96 million in 2013 as against N269.65 million in the preceding year an increase of N233.31 or 86.5 per cent.” It added. 

In the same vein , the company has announced that  the 38th yearly general  meeting as successful. 

  Despite the tough business operating environment, UnityKapital Assurance Plc held strong in 2013, defied challenging national and economic circumstances with strategic actions to deliver value to all its stakeholders.

  The company generated a gross premium income of N2.9 billion against N2.74 billion recorded in the previous year, an increase of N1.65 million or 6%. We recorded a profit before tax of N222.47 million and profit after tax of N264.02 million. The shareholders’ funds stood at N9.01 billion, while paid-up share capital base was N6.933 billion with the solvency margin and liquidity ratio far above the statutory requirements. We settled claims of N502.96 million in 2013 as against N269.65 million in the preceding year an increase of N233.31 or 86.5 per ent 

 



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