Naicom Appoints New Board For Goldlink, Dissolves Interim Board

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SAN FRANCISCO, February 25, (THEWILL) – The National Insurance Commission (NAICOM) has dissolved the interim board of Goldlink Insurance plc, led by James Olatunde Ayo, and has appointed another three-member interim board to oversee the affairs of the company in the next six months.

THEWILL learnt that the new board will be headed by Mohammed Mustapha Bintube, a former managing director of Jaiz Bank plc.

The terms of reference issued to the new interim board includes an examination of the forensic report on the company and its former directors and the recovery of embezzled funds through all available legal process, with the backing of NAICOM.

The Commission, however, retained the management led by Gbolahan Olutayo, who according to sources, had performed well during the period of appointment into the company.

NAICOM, on October 31, 2012, took over the management of Goldlink and constituted a seven-man interim board of directors to oversee its affairs for six months after the Commission had observed irregularities in the company's 2011 financial account.

The interim board was charged with the responsibility of carrying out full investigation of the financial reports and corporate governance failures observed in the course of reviewing the company's financial statement for the year ending December 31, 2011.

Story by David Oputah