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Nigerian regulator seizes control of faltering UNIC Insurance

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Nigerian regulator seizes control of faltering UNIC Insurance

The National Insurance Commission in Nigeria seized control of Unic Insurance Plc after the company failed to pay claims to policyholders, Business Post Nigeria reported March 11, citing the regulator.

The insurance regulator replaced the company's management with an interim board comprising four people for the next six months, the online news portal said. Samuel Ordu, former director of finance and accounts at the regulatory agency, will chair the board, and Theophilus Eke will be the interim managing director.

The board will launch a forensic audit of the firm's financial position and note any corporate governance failures found during the review period, according to the report.

Unic Diversified Holdings Plc is the ultimate parent of Unic Insurance.