Shareholders approve Niger Insurance restructure plans

Shareholders of Niger Insurance Plc has approved that the company restructure its insurance business into general, life and business insurance, with each segment to be structured as a separate legal entity.

This is part of the resolutions passed at the 50th Annual General Meeting (AGM) of Niger Insurance recently held in Lagos.

The decision to restructure the company is in a bid to make it more efficient and profitable to stakeholders, especially as efforts are geared towards overturning a loss of about 1,1723.2 per cent Year-on-Year, earlier made by the company in its last reported financial statement, Q2, 2020.

Other key decisions reached the 50th AGM include, the re-appointment of Mr Ebi Enaholo and Mrs Olufemi Owopetu as Directors of the company and acceptance of the presented financial statement for the year ended December 31, 2019, and the report of the audit committee, directors and auditors.

Also, the Directors were authorized to fix the remuneration of the auditors and Directors were authorized to appoint external auditors to replace retiring auditors of the company.

The shareholders of Niger Insurance in the 49th AGM approved the decision by the company’s board to raise additional capital to the tune of N15 billion, in a bid to meet the revised recapitalization targets for general and life insurance companies.

The House of Representatives had in December 2020 directed NAICOM to suspend the mandatory deadline for the first phase of 50%-60per cent of the minimum paid-up share capital for insurance and reinsurance firms.

Niger Insurance to raise N15 billion as recapitalisation deadline looms