Insurance World

Niger Insurance Says Its Committed To Prompt Claims Settlement * Pays N1.4bn As Claims In 9months

L-R:  EKPERAHWA JAMES (HEAD, FINANCE & ACCOUNT), ALESHINLOYE ROTIMI (HEAD, STRATEGY & PERFORMANCE), KUPONIYI KUNLE (HEAD, ICT), IGBITI EDWIN (MD/CEO), UMUOLO JANE (HEAD, GROUP LIFE BUSINESS), SALAMI ADEMOLA (CHIEF FINANCE OFFICER), SETH EPELLE (HEAD, MARKETING)

BY NKECHI NAECHE ESEZOBOR — Niger Insurance Plc, one of the oldest insurance Companies in Nigeria, on Friday assured its customers that it will continue to remain true to prompt claims settlement.

Left: KUPONIYI KUNLE (HEAD, ICT), IGBITI EDWIN (MD/CEO), SALAMI ADEMOLA (CHIEF FINANCE OFFICER)

Edwin Igbiti, Managing Director/ CEO of the company gave the assurance during his first media parley with insurance journalists in Lagos, that efforts were in top gear to settle all outstanding claims soon.

To prove its commitment to claims settlement, the CEO said the company paid over N1.4bn to customers in the past 9months and used the opportunity to assure all others that their claims will be paid soonest.

He thanked all of its customers for their patience, trust and understanding during this challenging period in its long and otherwise stellar history while reaffirming the company’s renewed sense of responsibility and commitment to excellence.

He said “The company’s assets are more than sufficient to settle all its liabilities and we have made significant progress towards liquidating some fixed assets to unlock cash and pay all outstanding obligations soon.”” There is a growing sense of purpose at Niger  Insurance.

“It feels like a new dawn with management, staff and shareholders, all working with passion and a common intent to write a great story in this new chapter of the company’s long and chequered history”.

According to him, Niger  Insurance is developing a transformation blueprint for the next five years.

He said the blueprint would focus on operational and technological advancements in delivering bespoke 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 57 years, it had become imperative to address legacy challenges as well as innovate to achieve service excellence, agility and competitiveness, “he said.

Speaking further on its recapitalisation plan, he said “At its 49th Annual General Meeting held recently, the company’s shareholders approved its recapitalization plan to meet the new regulatory capital requirements by the National Insurance Commission  (NAICOM).

“This will be done 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, ” he said.

Also, Mr Ademola Salami, the company’s new Chief Financial Officer (CFO) hinted that the board and management of the company were already engaging with foreign and local investors that had shown interest in investing in the firm.

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