N.I.C May 2011-Suspension (17 July 2011)

WHEN IS THE NATIONAL INSURANCE CORPORATION RELEASING HER FINANCIALS AS AT YEAR END 2010?

After the departure of Makerere's DAP scheme is there a dividend??????????

You cannot blame one for calling it the Nigerian Insurance Corporation! watch out in your national press.........


Update- 17th June 2011
As per your national press
In Today's Uganda daily Monitor newspaper page 13 NIC has released a press statement (PUBLIC NOTICE) explaining the delayed release of 2010 Financials stating the reason as Approval from the Uganda Insurance Commission before they can do so.

Very interesting angle if you ask me! reason there is a clear difference between an External Auditor and Regulator.

Is NIC finding it hard as a listed Company? recent management changes, bad press from Makerere pension scheme or sheer internal disorganisation?

Update- 18th July 2011
The NIC counter has been suspended following its failure to release their FY10 results before the deadline of yesterday. NIC is the first counter to be suspended in the history of the 13 year old stock market.

Star Traders' Take
This suspension is not good for market confidence; this NIC problem is more than release of 2010 financials, you just need to read what could be boiling under...DAP Makerere Scheme,one of the items i prioritised in Star Traders' NIC IPO Analysis back in january 2010, can read it by clicking the Link.

BEYOND THE ORDINARY EYE

Makerere University staff threaten strike over savings
The above Daily Monitor Link tells you a bigger part of the story everyone in the industry doesn't want to admit,
quote extract
"The report dated July 6 and titled, “Verification of the Makerere University deposit administration pension scheme managed by NIC, indicates that NIC owes Makerere University Shs22.3 billion.

Conducted by PriceWaterHouseCoopers (PWC), the report, signed by the Auditor General, Mr John Muwanga, shows that the value of the DAP fund as of August 2010 is estimated at Shs22.5 billion in respect to the existing members and Shs4.4 billion to members who left the scheme."
For me this summarises the pressure and tension the NIC management and Directors could be tackling, RECALL the MAkerere DAP scheme stood at around 30% of NIC balance sheet and abruptly losing such a client can strain a company to unimaginable risk involving forced liquidation and other intangibles like trust- all this is not helped by the fact that the majority shareholder is NIGERIAN- wowhhh!!