Bintupe, Goldlink Insurance chairman resigns amidst PTAD legal scandal

GOLDLINK INSURANCE PLC., Friday informed the Nigerian Stock Exchange (NSE) and the investing public of the resignation of Mohammed Mustapha Bintube, the chairman of the board of directors.

The statement filed with the NSE and signed by Tobi Olaleye, the company secretary and legal adviser, noted that the resignation of Bintube took effect from Monday, November 5, 2018.

Whilst no reason was disclosed for the chairman’s exit from the firm, the resignation disclosure is coming on the heels of a N1.2 billion debt judgement secured by Pension Transitional Arrangement Directorate (PTAD) against the insurer on the 31st of October.

According to a statement issued by PTAD on the same date, the judgement against Goldlink Insurance Plc is on the outstanding balance of the federal government legacy funds and assets which has been in the custody of the insurance company.

The judgment was obtained in a federal high court sitting in Lagos presided over by Justice Ibrahim Buba of Court No. 5 after an initial out of court settlement between PTAD and Goldlink Insurance Plc which was anchored by the National Insurance Commission failed.

PTAD said it had requested Goldlink Insurance Plc to provide the Directorate with relevant information on their ongoing recapitalization process including the prospectus and other relevant documentation, manifestly specifying assets and liabilities to ensure that the interest of PTAD is indisputably secured in their future plans.

PTAD said it also demanded that Goldlink Insurance Plc should execute a Memorandum of Understanding with the Directorate to be endorsed by the National Insurance Commission strikingly specifying its obligations to repay the outstanding legacy funds and assets over a period not exceeding 12 months after their recapitalization.

However, PTAD said Goldlink Insurance failed to take advantage of the arrangement which necessitated the directorate to seek for the court intervention on the repayment.

Meanwhile, other Insurance companies with outstanding Legacy Funds and Assets are Unic Insurance Plc and Standard Alliance Life Insurance Plc.

Goldlink Insurance with a regulatory insignia of MRS on the NSE, which signifies that the company has missed a regulatory filing and is operating below listing standards is currently trading at N0.53 on the floor of the NSE.