Industrial And General Insurance Plc (IGI) has constituted a new management team that will oversee the affairs of the company.
This, according to the company, is in continuation of its restructuring programme aimed at repositioning for optimum performance.
The company’s Corporate Communications manager, Steve Ilo, who made this known said the new team would occupy the positions in acting capacities, with immediate effect pending when substantive officers are appointed in line with the regulations of the National Insurance Commission (NAICOM).
The new team is headed by Mr. BayoFolayan, as the acting Managing Director; Mr. Shade Ajayi, acting Executive Director, Technical and Operations; Mr. NnamdiIwuoha, acting Head, Technical Division; Mr. BoladeAshaolu, acting Head, Marketing, and Mr. Emmanuel Udoh, acting Chief Finance Officer.
He said the development, followed the retirement of members of the executive management led by the Managing Director/Chief Executive Officer, Mr. RotimiFashola, alongside the Deputy Managing Director, Mr. SinaElusakin, both of whom have served the company in various positions for over 20 years. The Executive Director, Finance and Accounts, Mr. YinkaObalade, also retired, while his Information Technology, Human Resource and Administration counterpart, Mrs. FolusoGbadamosi, tendered her resignation.
Ilo, said the change in the company’s leadership is part of the restructuring process initiated by the Board of Directors to revitalise the organisation.
“The erstwhile management, having laid the requisite foundation and structures for the success of the repositioning agenda, offered to step aside to pave the way for fresh ideas that will further galvanise the advancement of the new strategic direction of the company.
“The board thanked the outgoing management for its immense contribution to the growth of the company and for laying the proper structures and processes for the ongoing restructuring”, Ilo added.
On the company’s performance track over the years, Ilo said, “from the performance indices, it is clear that IGI, is applying the right strategies and moving in the right direction, with strong momentum. We recognise the need to sustain this momentum in order to create a formidable platform for long-term performance.
On the future of the company he said: “Shareholders have every cause to look forward to a better future as the company is being positioned to enhance sustainable growth and improve return on equity. In the months ahead, there will be strong emphasis on strategy execution in order to efficiently and effectively realise our expected gains. Our projections indicate positive growth in all areas and we are committed to exceeding the benchmark for standard performance,” he stated.