Niger Insurance Plc is set to restructure its Board, management and operations to ensure sustainable growth of the company going forward.
Mr. Hamisu Abubakar, the Chairman of Niger Insurance Plc said at the company’s 48th Annual General Meeting (AGM) in Lagos that the restructuring initiative will revolve around retail strategy, its culture and processes to produce a brand new underwriter brand in the market.
Abubakar said: “The Board continues to be focused on driving strategic direction of the company through the setting of sustainable goals and strategies. The Board has just concluded a company transformation exercise which should reposition the company on the path of sustained growth soon.”
He the company is also set to attract new investors and fresh capital to drive the transformation initiative for better result.
“I am pleased to report that the Board has reached advanced stages of discussion with investors who will add to capital and bring technical expertise to your company. We believe that at these challenging times, this is a welcome development.”
For the financial year ended December 31, 2017, Niger Insurance Plc reported total assets of N22.8 billion from N22.5 billion in 2016. It also increased gross premium earned by N2 billion or 44 percent above N5.962 billion earned in 2016.
“Taking cognizance of the macro-economics and the political realities that will shape the business landscape in 2018, our company is more determined and optimistic that we will navigate the business year and remain conscious of our vision and mission in utilizing our resources in creating value for our customers and shareholders.”