Shareholders of Wapic Insurance Plc has applauded the speedy transformation in the underwriting firm in terms of growth and value creation since it was taken over by new management and board of directors led by Aigboje Aig-Imoukhuede, as chairman.
Part of the transformation, which excited the shareholders, was the quick end to dividend drought that had pervaded the company over the past eight years.
Speaking at the company’s 57th Annual General Meeting (AGM) held in Lagos, the shareholders including Sunny Nwosu, Boniface Okezie and Shotunde Shopeju among others said confidence was returning on Wapic given the credibility and calibre of people on the board.
Specifically, Nwosu who is the National Coordinator of Independent Shareholders Association (ISAN) said: “We have kept away from Wapic AGM for a long time, but we have come back to give our solidarity having seen the level of transformation and commitment of the board to increase shareholder value.”
On his part, Okezie called on the company’s management to continue to do what they can to ensure that shareholders value is enhanced.
Aig-Imoukhuede in response to shareholders questions described the development as a new era in the life of the company, pointing out that necessary structures were being put in place to sustain stakeholder value.
“Our people have worked very hard to ensure the achievement of our corporate objectives and we continue to recruit high quality personnel with local and international experience to strengthen the capacity of our workforce,” he stressed.
Aig-Imoukhuede also during the meeting sought the approval of shareholders to approve a three kobo dividend, stating, “I will like to express the appreciation of the board to all our shareholders for your patience given the lack of dividend for over eight years, I am confident that going forward shareholders can look forward to regular dividend payments.
Also, Managing Director of the company, Adeyinka Adekoya said: “We would to strategically occupy and perform leading roles in the provision of appropriate products and delivery channels for the various segments and sectors of the market.”
Adekoya, who was appointed MD/CEO in November 2015 further noted that with commitment to its goals, management would continually achieve significant growth in profitability and shareholder value.