Lagos, Nigeria (June 24, 2020) –You will recall that we had via a Notice dated 19 November 2018, notified the public of the decision of the Steering Board of the Corporate Governance Rating System (CGRS) to suspend NEM Insurance Plc’s (NEM Insurance or the Company) CGRS rating, following the pronouncement by the Securities and Exchange Commission (SEC) invalidating the 48th Annual General Meeting (AGM) of the Company and the resolutions reached at the meeting which held on 20 June 2018, at the Premier Hotel, Ibadan, Oyo State, on the basis that NEM Insurance failed to give the required twenty-one (21) days’ notice to its shareholders which is a contravention of Section 217 and 220(1) of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria (CAMA), and Clause 24 of the SEC Code of Corporate Governance for Public Companies, 2013 (SEC Code of Corporate Governance).
Following compliance with the SEC’s directives and remedial actions taken by the Company, the Steering Board has approved the re-instatement of the Company’s CGRS rating with effect from 22 June 2020.
It is our expectation that going forward the Company will continue to uphold and adhere to global best practices of corporate governance and the standards expected of a CGRS rated company.
For: The CRGS Steering Board