Niger Insurance Says There’re Ample Assets For Liabilities, Pays Over N1.4bn Claims In 9Months

L-R: Head, ICT, Kuponiyi Kunle; MD/CEO, Niger Insurance Plc, Edwin Igbiti; Chief Finance Officer, Salami Ademola at the breakfast meeting in Lagos.

By LOVETH AZODO, Lagos

The MD/CEO, Niger Insurance Plc, Mr. Edwin Igbiti has assured its policy holders that there is no reason to fear as the company has more than enough assets to settle all its liabilities.

This is just as he disclosed that the company have settled over N1.4billion worth of claims in the past nine months.

Addressing newsmen Today at a breakfast meeting in Lagos, Igbiti also disclosed that the company, in the next five years (2020 to 2024) will focus on operational and technological advancements in delivering bespoke Insurance solutions to businesses, institutions and growing populace of Nigeria.

According to him, the five-year plan is geared towards repositioning the company for service excellence and competitiveness in a rapidly changing operating landscape.

Igbiti stated that the three pillars of the transformation plan are: Strengthening its balance sheet (financial strength), Strengthening its People (Talent & Innovation) and Strengthening its business model (Sustained growth & Profitability).
On unpaid claims & outstanding customer benefits, the MD expressed regret and attributed the delay to the company’s large asset portfolio which is skewed towards fixed assets.

He said “The company’s assets are more than sufficient to settle all its liabilities, we have made significant progress towards liquidating some fixed assets to unlock cash and pay down all outstanding obligations soon.”

“Niger Insurance has paid over N1.4bn to customers in the past 9months we use this opportunity to assure all others that their claims will be paid soonest,”

“There is a growing sense of purpose at Niger Insurance Plc these days; 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,” he said.

Also Speaking, Mr. Ademola Salami, the company’s Chief Financial Officer (CFO) said “Working with our Financial Advisers, the Board and Management of the company are already engaging with foreign and local investors that have shown interest in the company.

“High-level negotiations are on-going and we expect to secure substantive offers for investment in the coming weeks,” he said