23rd August, 2011
The Niger Insurance Plc., one of the leading insurance companies in the country has concluded plans to float a N2.5 billion shares to shore up its capital base.
Disclosing this at the company’s pre-AGM briefing recently in Lagos, the Managing Director, Mr. Justus Uranta, said the shares would be offered at 51 kobo per share.
He explained that details of the offer would be made public soon, adding that the fresh funds would help to realign the company’s investment portfolio, relaunch products, expand branches and information technology.
He disclosed that two years after the company embarked on the “Niger Enterprise Strategic Transformation†agenda, with focus on enhanced speed and efficient service delivery, the transformation has started to yield positive results.
Uranta also lauded the raiding of fake insurance agents and touts by the insurance regulatory authority, the National Insurance Commission, NAICON, recently in Abuja.
He said the company was ready to cooperate with the Federal Government and its agencies to maximize the company’s income and add more value to its shareholders and stakeholders.
“We have been able to reveiw most of our business operations and in turn there are clear indices of improved premium income and underwriting profit. Though the financial report and account under review may not be encouraging, we are confident of overcoming the situation, having put all these strategies in place,†Uranta stated.
—Ekene Obidike