STREET BUZZ: Linkage Assurance Plc frets over Bayelsa Deal

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Thursday, October 11, 2012 13:23 PM

At Linkage Assurance Plc where Senator Udo Udoma holds sway as Chairman, it would appear that trouble is brewing because the Bayelsa State Government seeks to stop the much publicised M & A deal with Dotun Sulaiman's Cornerstone Insurance Plc.

Recall that Bayelsa State brought in funds to recapitalize Linkage Plc in a structured bid to bring it back or rather save the interest of its principals of which HRM Ebitimi Banigo (is a member) but it would appear that the suave and debonair Senator Udo Udoma is adamant that the funds be returned as is and the merger concluded; as a matter of principle and corporate integrity.

While this is unfolding, the MD/CEO who has been against the alternate proposal of a merger with Cornerstone Plc from the onset; and had facilitated the injection of the Bayelsa funds, now has to explain to the Board how he came about some millions of Naira through an identified Insurance Broker in the East which the company had paid huge claims to over the last few years.

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