FINANCIAL REPORTING COUNCIL OF
NIGERIA
(Federal Ministry of Industry, Trade &
Investment)
FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Section A: Introduction
Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.
The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.
This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.
This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.
Please read the instructions below carefully before completing this form:
- Every line item and indicator must be completed.
- Respond to each question with "Yes" where you have applied the principle, and "No"
where you are yet to apply the principle.
- An explanation on how you are applying the principle, or otherwise should be included as part of your response.
- Not Applicable (N/A) is not a valid response.
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Section B - General Information
S/No. | Items | Details | ||||||||||
i. | Company Name | Guinea Insurance Plc | ||||||||||
ii. | Date of Incorporation | 03 December,1958 | ||||||||||
iii. | RC Number | RC 1808 | ||||||||||
iv. | License Number | RIC - 017 | ||||||||||
v. | Company Physical Address | Guinea Insurance House, 33, Ikorodu | ||||||||||
Road, Jibowu Lagos. | ||||||||||||
vi. | Company Website Address | www.guineainsurance.com | ||||||||||
vii. | Financial Year End | 31st December, 2021 | ||||||||||
viii. | Is the Company a part of a Group/Holding Company? | No | ||||||||||
Yes/No | ||||||||||||
If yes, please state the name of the Group/Holding | ||||||||||||
Company | ||||||||||||
ix. | Name and Address of Company Secretary | Mrs. Chinenye Nwankow, 33 Ikorodu Road, | ||||||||||
Jbowu Lagos. | ||||||||||||
x. | Name and Address of External Auditor(s) | BDO Professional Services, 15 CIPM | ||||||||||
Avenue, Central Business District, Alausa | ||||||||||||
Ikeja, Lagos | ||||||||||||
xi. | Name and Address of Registrar(s) | Cardinal Stone Registrars, 335/337, Herbert | ||||||||||
Macaulay Way, Sabo Yaba, Lagos. | ||||||||||||
xii. | Investor Relations Contact Person | Mr. Pius Edobor - 08033883825 | ||||||||||
(E-mail and Phone No.) | ||||||||||||
xiii. | Name of the Governance Evaluation Consultant | |||||||||||
xiv. | Name of the Board Evaluation Consultant | |||||||||||
Section C - Details of Board of the Company and Attendance at Meetings | ||||||||||||
1. Board Details: | ||||||||||||
S/No. | Names of Board Members | Designation | Gender | Date First | Remark | |||||||
(Chairman, MD, INED, NED, | Appointed/ Elected | |||||||||||
ED) | ||||||||||||
1. | Barr. Godson Ugochukwu | Chairman | Male | 23rd March, 2016 | ||||||||
2. | Mr. Samuel Onukwue | Non - Executive Director | Male | 2th September 2017 | ||||||||
3. | Mr. Chukwuemeka | Non - Executive Director | Male | 23rd March, 2016 | ||||||||
Uzoukwu | ||||||||||||
4. | Mr. Simon Bolaji | Non - Executive Director | Male | 23rd March, 2016 | ||||||||
5. | Barr, Anthony Achebe | Non-Executive Director | Male | 23rd | March, 2016 | |||||||
6. | Alhaji Hassan Dantata | Non-Executive Director | Male | 23rd | March, 2016 | |||||||
7. | Dr. Mohammed Tahir | Non-Executive Director | Male | 23rd | March, 2016 | |||||||
Attahir |
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
8. | Chief Osita Chidoka | Non-Executive Director | Male | 23rd | March, 2016 | |
9. | Mr. Ademola Abidogun | Managing Director/CEO | Male | 1st September, 2019 | ||
10. | Mrs. Isioma Omoshie- | Executive Director | Female | 23rd | March, 2016 | |
Okokuku | ||||||
11. | Mr. Pius Edobor | Executive Director | Male | 19th January, 2017 | ||
2. Attendance at Board and Committee Meetings:
S/No. | Names of Board Members | No. of Board | No. of | Membership | Designation | Number of Committee | Number of |
Meetings | Board | of Board | (Member or | Meetings Held in the | Committee | ||
Held in the | Meetings | Committees | Chairman) | Reporting Year | Meetings | ||
Reporting | Attended | Attended in | |||||
Year | in the | the | |||||
Reporting | Reporting | ||||||
Year | Year | ||||||
1. | Barr. Godson Ugochukwu | 4 | 4 | NIL | Chairman, | 4 | NIL |
Board of | |||||||
Directors | |||||||
2. | Mr. Samuel Onukwue | 4 | 4 | Finance, | Member | 4 | 4 |
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Enterprise | Chairman | 4 | 4 | ||||
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
(ERM & G) | |||||||
Statutory | Member | 4 | 4 | ||||
Audit | |||||||
Committee | |||||||
3. | Mr. Chukwuemeka Uzoukwu | 4 | 4 | Enterprise | Member | 4 | 4 |
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Finance, | Member | 4 | 4 | ||||
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
4. | Mr. Simon Bolaji | 4 | 4 | Finance, | Member | 4 | 4 |
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Statutory | Member | 4 | 4 | ||||
Audit | |||||||
Committee |
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Audit and | Member | 4 | 4 | ||||
Compliance | |||||||
Committee | |||||||
5. | Barr, Anthony Achebe | 4 | 4 | Enterprise | Member | 4 | 4 |
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Audit and | Chairman | 4 | 4 | ||||
Compliance | |||||||
Committee | |||||||
6. | Alhaji Hassan Dantata | 4 | 4 | Finance, | Member | 4 | 4 |
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Enterprise | Member | 4 | 4 | ||||
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
7. | Dr. Mohammed Tahir Attahir | 4 | 4 | Enterprise | Member | 4 | 4 |
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Audit and | Member | 4 | 4 | ||||
Compliance | |||||||
Committee | |||||||
8. | Chief Osita Chidoka | 4 | 4 | Finance, | Chairman | 4 | 4 |
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Audit and | Member | 4 | 4 | ||||
Compliance | |||||||
Committee | |||||||
9. | Mr. Ademola Abidogun | 4 | 4 | Audit and | Member | 4 | 4 |
Compliance | |||||||
Committee | |||||||
Finance, | Member | 4 | 4 | ||||
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Enterprise | Member | 4 | 4 | ||||
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Statutory | Member | 4 | 4 | ||||
Audit | |||||||
Committee | |||||||
10. | Mrs. Isioma Omoshie - | 4 | 4 | Audit and | Member | 4 | 4 |
Okokuku | Compliance | ||||||
Committee |
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Finance, | Member | 4 | 4 | ||||
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Enterprise | Member | 4 | 4 | ||||
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Statutory | Member | 4 | 4 | ||||
Audit | |||||||
Committee | |||||||
11. | Mr. Pius Edobor | 4 | 4 | Audit and | Member | 4 | 4 |
Compliance | |||||||
Committee | |||||||
Finance, | Member | 4 | 4 | ||||
Investment | |||||||
and General | |||||||
Purposes | |||||||
Committee | |||||||
(FIGPC) | |||||||
Enterprise | Member | 4 | 4 | ||||
Risk | |||||||
Management | |||||||
and | |||||||
Governance | |||||||
Committee | |||||||
Statutory | Member | 4 | 4 | ||||
Audit | |||||||
Committee |
Section D - Details of Senior Management of the Company
1. Senior Management:
S/No. | Names | Position Held | Gender |
1. | Mr. Ademola Abidogun | Managing Director/CEO | Male |
2. | Mrs. Isioma Omoshie- | Executive Director, Marketing | Female |
Okokuku | |||
3. | Mr. Pius Edobor | Executive Director, Finance & | Male |
Administration | |||
4. | Mrs. Chinenye Nwankwo | Company Secretary/Legal Adviser | Female |
5. | Mr. Oluyinka Adebiyi | Group Lead, Marketing South | Male |
6. | Mr. Jaafar Baba Saleh | Group Lead, Marketing North | Male |
7. | Mrs. Ogonna Offor-Orabueze | Group Lead, Technical | Female |
8. | Mrs. Adebowale Adesokan | Team Lead, Underwriting | Female |
9. | Mrs. Ijeoma Okafor | Branch Lead, East | Female |
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
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Guinea Insurance plc published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2022 14:20:03 UTC.