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By Dipo Olowookere

Few days ago, it was reported that the National Insurance Commission (NAICOM) had suspended Guinea Insurance Plc for issues bordering an alleged refusal of the company to appoint a substantive Managing Director and a reinsurance treaty.

Worried by how viral the news story went, the insurer has now come out to debunk it, saying the reports were not true.

In a statement signed by Chairman of the company’s board, Mr Godson Ugochukwu, Guinea Insurance said in February 2018, it sent a notice to the Nigerian Stock Exchange (NSE) concerning the appointment of Mr Babatunde Oshadiya as its Managing Director/Chief Executive Officer, with the proposal for his appointment forwarded to NAICOM for approval.

The firm noted that a month later, several news platforms published the appointment of Mr Oshadiya as the new MD/CEO, wondering why the latest reports claimed the company has failed to appoint a leader.

“We are constrained as a company to set the record straight by informing the general public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the board of Guinea Insurance Plc had on February 15, 2018 appointed Mr Babatunde Oshadiya as Managing Director/Chief Executive Officer of the company and the proposal for his appointment was submitted to NAICOM for approval.

“The said notification captioned ‘Guinea Insurance appoints Oshadiya MD/CEO’ was uploaded on Nigerian Stock Exchange (NSE) portal and also published in various Nigerian media namely: The Punch, Business Journal, The Authority Daily, Blueprint, Supernews, Newscorner, The Revealer, Businesstodayonline, Inspenonline etc. between 2nd – 7th March, 2018.was published in a press statement,” the insurer stated.

On the other issue raised in the latest reports, reinsurance treaty, Guinea Insurance said “there is available and incontrovertible evidence showing that Guinea Insurance Plc has a treaty backup for 2019 packaged by its Lead Reinsurance Broker – Glanvill Enthoven Reinsurance Brokers Limited.

“On 17th December 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance PLC 2019 Reinsurance Treaty Cover Notes to the Company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as ‘received’ by NAICOM on 18th December 2018.

“The board and management of Guinea Insurance Plc is currently engaging NAICOM with a view to resolving all attendant issues to the said publication within the shortest possible time.”

“We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards; the single-minded determination to emerge a world class enterprise and our conscious obligation to meet regulatory deadlines,” the insurance company concluded.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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