Kemi Olaitan in Ibadan
The Industrial and General Insurance (IGI), has reiterated its commitment to reclaim its leadership position in the insurance industry as Coopvest Limited acquired a substantial 40.7 per cent interest in the company in order to position it to accelerate its 5-year strategic plan.
The Managing Director of the company, Akinlolu Akinyele, who said this in a statement by the Head of Brand and Corporate Communications, Olufunmilayo Afolabi, disclosed that the private placement had succeeded in injecting capital into the business thereby opening growth opportunities to the business and its numerous customers.
According to the statement, with a historic Annual General Meeting (AGM) for the acquisition slated for March 1, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost the transition and ecosystem of the company.
The statement read in part, “We are on top of the legal actions challenging the Annual General Meeting and acquisition of 40.7% shares by Coopvest Limited. Due process was carried out on this new step because IGI respects the government and regulatory guidelines. Fortunately, the court has nullified the order of interlocutory injunction restraining us from holding our AGM because the petitioners failed to satisfy all requirements.
“At the Annual General Meeting of December 8, 2022, shareholders approved the conversation for IGI and Coopvest. The management team followed through the process, registrars were appointed, and due notifications were sent to shareholders for approval and offering of pre-emptive rights.”
