Cornerstone risks another sanction on result filing default
…. Notifies NSE on resignation of Director
Cornerstone Insurance Plc may risk another regime of fine by the Nigerian Stock Exchange (NSE) over inability to deliver its audited result on or before the due date, with barely 10 days to deadline for submission of 2016 audited result.
Under schedules 6 of the Nigerian Stock Exchange (NSE) X-Compliance report, Cornerstone Insurance was fined N700, 000, 00 by the NSE in 2016, for default filling of audited account for the year ended December 31st, 2015.
Companies fined under the x-compliance schedule filed their Audited and or interim financial statements after the regulatory due date. The Exchange said, sanctions are applied in accordance with the provisions of Section 14 of Appendix iii of the Listing Rules.
Meanwhile, Cornerstone Insurance Plc had notified the general public and the Nigerian Stock Exchange (NSE) on the resignation of its non-executive independent Directors Ndidi Okonkwo Nwuneli, from the company’s board.
A release signed by PAC solicitors that doubles as the company’s secretary company’s solicitor, Cornerstone expressed its gratitude to Nwuneli and wishes her wee in her future endeavors.
Cornerstone Insurance, early in April appointed, MS, Elizabeth Amadiume and Mr. Tony Egbuna as directors of the company.
Ms. Elizabeth Amadiume, prior to her appointment was a member of the Board of Directors of the African Reinsurance Corporation (South Africa) Limited. With over 32 years working experience in the insurance industry, Amadiume has also served as the Director, Central Operations and Special Risks, African Reinsurance Corporation and its Regional Director of Mauritius.
She has Masters in French Language and Literature from the Voronezeh State University, then UUSR and a fellow of the Chartered Insurance Institute.
Mr. Tony Egbuna has worked in R. J. Reynolds Tobacco Company, Winston-Salem NC, USA, United Bank for Africa (UBA) and FSB International Bank respectively in various managerial capacities.
He was a consultant on Risk Management and Internal Controls at Jefferson Wells, Charlotte, NC, USA. Egbuna is a chartered Accountant and holds a Masters’ in Business Administration from Wake Forest University, Winston Salem, North Carolina (NC), USA.
He has over 28 years varied experience in Financial Management, Banking, Auditing, Process Improvement, Strategic Planning and Enterprise Risk Management.
A timely delivery of its 2016 audited result will spare the company form another regime of sanction on breach of post listing rules of the bourse.
