Niger Insurance Plc, is forging ahead with merger option, which the board chairman, Stephen Dike, said at the annual general meeting in Lagos, is in top gear. He did not however, elaborate. Also racing together, is restructuring and coordinated efforts to settle outstanding claims.
Resolute on better days ahead, the chairman board of directors, Dike, expressed confidence at the meeting, Wednesday (January 22), that the tripod system adopted by Niger for another season of brand prominence, resonates with the philosophy that nothing assures like Niger’s financial protection. Dike, who noted that the harsh economic strings hard affected the company’s financials, commended the shareholders for their “tremendous support towards the recapitalisation efforts” which he said, “have since gained traction with the share reduction exercise.”
In the line of efforts to douse the hiccups despite the liquidity challenges, the managing director, Edwin Igbiti, stated that the firm has been aggressive in settling delayed outstanding claims and this was achieved by its efforts to unlock capital through the restructuring of its investment portfolio while divesting from under performing asset classes. “Consequently, the company was able to pay claims and benefits totalling N1.7bn in FY 2019 on top of the N1.6bn paid in FY 2018,” he stated.
Igbiti also, put in focus changes that began in 2019 to optimise its business and leadership to align with the company’s new strategic direction and drive its transformation objectives. With hindsight, he said: “These changes were necessary to boost growth, simplify our ways of working, improve operational efficiency and resilience. We now have greater focus, commercial vigour and accountability throughout the organisation – these fundamentals will help us build momentum for current and future earnings growth.”
Undaunted by harsh economic footprints, Igbiti exudes confidence: “Notwithstanding the economic headwinds and legacy issues facing the company, we are committed to the swift turnaround and transformation of this great company.”
Scaling the financial performance, the board chairman, Dike, said the the group reported challenged performance and hinged expected better results on restructuring already taking positions in the company.
The company’s announced chronicle of performance, he noted, was below the target of achieving growth in excess of the rate of inflation. Still professing confidence on the trio deal-making: merger, restructuring and claims settlement, Dike wants the company’s stakeholders to note that the tripod system in place is the guarantee for the lift-off Niger needs now to orbit the insurance space it previously occupied as a market leader. He therefore, promised shareholders hocked to the virtual meeting, that the company is on the road to rebound, and declared, “we assure our shareholders that effort is being made to turn around and strengthen the financial position of the company.”