IGI unfolds turnaround plans for the company

Industrial and General Insurance (IGI) Plc has unveiled plans to revitalise the company and drive future growth.

In a statement, Head of Brand and Corporate Communications, IGI Plc, Afolabi Olufunmilayo, said the plans were made known at the firm’s Annual General Meeting (AGM) in Abuja, recently.

According to him, in a remark to shareholders, the newly appointed Managing Director/CEO Akinlolu Akinyele, pledged an “unrelenting commitment” to IGI’s turnaround.

He pointed out that the unveiled plans focused on Nigeria’s underserved retail insurance market by investing in technology and innovative products tailored to individuals and small businesses.

He said, “Our strategy is simple; we want to focus on retail because insurance penetration is very low in Nigeria, which means the opportunities are huge.

“We will invest in technology to allow customers to purchase insurance digitally and receive valuable support services.”

In addition to the retail focus, IGI plans to prioritise settling outstanding claims and rebuilding public confidence through consistent claims payments following verification of authenticity and correctness.

He disclosed that over N500 million claims have already been paid in the past two months alone.

The AGM ratified the appointments of Ahmed Nuhu Bamalli as Board Chairman, Akinlolu Akinyele as Managing Director/CEO and four other new directors including Kabir Ayinde Tukur, Oriyomi Tajudeen Ayeola, Mallam Sadiq Isa Kaita and Mrs Olubukola Akomolafe, while Augustine Olorunsola and Gaffar Kayode Animashawun were re-elected to the board.

Shareholders also approved the previously authorised sale of 9.8 billion unissued shares, representing 40.7 percent of share capital to an investor group led by Coopvest Limited.

The proceeds, he said, will support IGI’s transformation efforts.

Other resolutions passed at the AGM included authorising the Board to set auditor remuneration, electing the statutory audit and compliance committee, disclosing manager compensation and approving directors’ remuneration.

The Board also appointed Kreston Pedabo as IGI’s new external auditor to accelerate the completion of outstanding financial statements for 2019-2023.

He stated that despite the company’s past struggles, the new management is optimistic about the future of the company.

“There are very interesting days ahead for our company. We plan to grow this business back, not just to the top in Nigeria but to the top in Africa,” Akinlolu told shareholders at the AGM.

IGI Plc is a leading Nigerian insurance company providing comprehensive life, general and specialised insurance solutions to individual and corporate clients.

Founded in 1991, IGI has built a reputation for exceptional expertise, particularly in underwriting complex risks in the oil and gas, marine, aviation, engineering and industrial sectors.

With a strong capital base, deployment of modern technology and a team of highly skilled professionals, IGI quickly established itself as a market leader known for premium services and innovative products tailored to customers’ needs.

The company was the first private Nigerian insurer to achieve N1 billion in premium income just four years after launching.

IGI has expanded its footprint across Africa through strategic investments and acquisitions in Uganda, Rwanda and The Gambia.

The company also operates an extensive branch network in Nigeria and is committed to continuous improvement, as it consistently invests in cutting-edge technology to enhance operational efficiency, accelerate response times and deliver seamless services to its valued individual and corporate clientele spanning diverse industries.

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