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Nigeria's National Insurance Commission has dissolved the board of the country's International Energy Insurance P.L.C. following allegations against some of the insurer's directors, reports News24 Nigeria citing News Agency of Nigeria.
"This is as a result of financial reporting failures, allegations made against some directors and board squabble necessitating regulatory action in the interest of policyholders and other stakeholders of the company," a statement by a NAICOM official said.
It stated that a three-member interim board has been appointed to look after the insurer's affairs while necessary investigation continues.