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Niger Insurance unveils new strategic vision The management of Niger Insurance Plc has said its rights issues in recent times was informed by a strategic decision to increase or bring in more money to the business to ensure sustained growth and increased market share in the industry. Alhaji Bala Zakariya’u, managing director and chief executive, Niger Insurance said the company has always been pragmatic in realising that the business of insurance is bound to change as the demand of the economy and of the environment is going to impact on the way the management of the company thinks. He said such strategic thinking informed the demand on shareholders to continually show faith in the affairs of the underwriter by contributing more money in the running of the company. “We just came out of a rights issue that was fully subscribed, which is an indication that the shareholders are quite pleased with the progress of the company,” the MD said. “It’s just a matter of strategic decision to increase or bring in more money to the business and to also understand that the changing nature of the environment is such that you have to constantly increase your capital base, because you need money to be able to build a very strong company.” Zakariya’u said the rights issues were not only a show of confidence in the future prospect of the company but part of the confidence the board and management have its ability generally that it could submit itself to inquisition by shareholders He disclosed that the insurance industry is gradually being teleguided towards consolidation as is happening in the banking industry as a number of practitioners are already stressing the need for insurers to also consolidate their businesses, being the risk bearers in the economy. “I believe that the financial industry will never be the same again in the light of these rapid changes that are being required in the banking industry. I think it is only proper for us to be proactive and understand that if we are going to position ourselves to provide adequate services to these likely big institutions, we have to also get our financial resources bigger than it is at the moment.” Reacting to the level of N2 billion capital base for insurance firms as suggested in some quarters, Zakariya’u said there are good chances that the National Insurance Commission (Naicom) is treating the matter, saying that the commission has very competent people who would assess the need of the economy and provide the right atmosphere for insurance companies to meet the requirement. |
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