Naicom stops sale of IEI’s stake in pension firm

The National Insurance Commission (Naicom) has blocked the proposed divestment of the major equity stake of the embattled International Energy Insurance (IEI) in IEI Anchor Pensions Limited.

Naicom directed the interim management of IEI to suspend the proposed sale.

The interim management, which was appointed by Naicom, had proposed to sell IEI’s investment in IEI Anchor Pensions Limited citing the operational guideline of the Naicom that prohibits investment of greater than 25 per cent of proceeds from a private placement or public offer in a non-insurance asset.

The management of IEI at the weekend confirmed the suspension of the divestment process.

Naicom had in 2015 intervened in IEI and appointed an interim management board (IMB) effective May 18, 2015.

The IMB is chaired by Mr Muhammad Ahmad, founding director general and chief executive of National Pension Commission (Pencom).

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Other members are Ms. Daisy Ekineh and Mrs. Bridget Akintola. Ahmad, it should be noted, was also recently appointed the chairman of the new board of directors of Skye Bank Plc after the Central Bank of Nigeria sacked the previous board and management of the bank.

A source close to the Commission said the suspension was due to the need to protect the impartiality of the interim board, after some stakeholders raised concerns about the sale.

IEI currently trades at 50 kobo and it is one of the stocks on the “danger list” at the Nigerian Stock Exchange (NSE).

 

 

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