Niger Insurance Plc said it has rolled out a five-year growth and transformation plan to enable it regain its position as one of the market leaders.
The company, at a recent interactive sessions with journalists, disclosed plan to reposition its operations for excellent service delivery and competitiveness in a rapidly changing operating landscape.
Niger Insurance Managing Director, Mr Edwin Igbiti, said the company’s transformation blueprint over the next five years (2020 to 2024) focuses on operational and technological advancements in delivering best Insurance solutions to businesses, institutions and the growing populace of Nigeria.
“The need for Niger Insurance Plc’s transformation is underscored by a combination of market and regulatory changes.
“Having been in operations for 57years, it had become imperative to address legacy challenges as well as innovate to achieve service excellence, agility and competitiveness”, Igbiti said.
According to him, the three pillars of the transformation plan are: strengthening the company’s balance sheet, strengthening its people, as well as strengthening its business model
Ignition, said in order to ensure a successful execution of the plan, the company recently reconstituted a new board-of-directors, a new management team and an array of strategic partnerships.
“At its 49th AGM which held on 21 November 2019, the company’s shareholders approved its recapitalisation plan to meet the new regulatory capital requirements through an equity capital raise via rights issue and/or private placement and a business combination by way of merger or acquisition, which must all be completed by 30 June, 2020,” Igbiti informed.
Speaking on the financial position of the company, its new Chief Financial Officer (CFO) Of Niger Insurance, Mr Ademola Salami, said working with the company’s financial advisers, the board and management of the company were already engaging with foreign and local investors that have shown interest in the company.
According to him, high-level negotiations are on-going and the company, expects to secure substantive offers for investment in the coming weeks.
Igbiti, in his response to enquiries on unpaid claims and outstanding customer benefits, expressed regret on delay in claims payment by the company.
He attributed the delay to the company’s large asset portfolio which is skewed towards fixed assets.
He however assured stakeholders that the company’s assets were more than sufficient to settle all its liabilities, saying it has made significant progress towards liquidating some fixed assets to unlock cash and pay down all outstanding obligations.