SEC to withdraw licence of Leadway Assurance, LASACO, 155 other insurance companies
Nigeria’s foremost insurance service companies Leadway Assurance Co. Ltd., and LASACO Assurance Plc have been penciled for deregistration by the Securities and Exchange Commission (SEC).
The Nigerian capital market regulator accused the insurance firms and 155 other operators it termed “inactive” of failing to render their statutory returns to the commission.
A notice issued on SEC website Tuesday directed the affected CMOs to “submit presentations to the Commission, on or before 30th November, 2020, why their registration should not be cancelled.”
The commission, which is supervised by the Federal Ministry of Finance noted that the operators may have defaulted in filing their annual returns due to capital erosion or policy somersault in the financial sector.
Capital market operators are mandated to render their statutory returns to SEC, in order to keep the regulator abreast of their active operation.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Ganduje condoles with Niyi Akinsiju over mother’s death
He said that she would be fondly remembered for her remarkable life and contributions.
NationWide
Cleric urges Christians to be agents of reconciliation, hope
According to him, the resurrection of Jesus is a historical fact and the foundation of the Christian faith.
NationWide
David Mark urges FG to declare armed herdsmen as terrorists
Mr Mark decried the unending activities of armed herdsmen, suspected to be behind the killings and kidnappings.
Sport
EPL: Trent-Alexander Arnold scores on 350th appearance as Leicester City get relegated
Leceister became the first club in Premier League history to go nine consecutive home games without scoring.
States
Abia teachers to embark on strike over unmet demands
Mr Madu said that the seven-day notice served the government to that effect would expire on Wednesday.
Sport
Nigeria thrash Togo 53-21 in IHF opener
Nigeria will face Burkina Faso on Monday at 9 a.m., while the U-20 team will play Togo at 3 p.m.
