By Adedapo Adesanya
Industrial and General Insurance (IG) Plc has announced efforts to target Nigeria’s underserved retail insurance market as part of strategy to revitalize the company and drive future growth.
This was among resolutions reached at its Annual General Meeting (AGM) held on the March 1, 2024, at the IGI House in Abuja, where shareholders ratified new board members, auditor appointments, and share issuance.
In remarks to shareholders, the newly appointed Managing Director/CEO, Mr Akinlolu Akinyele, pledged an unrelenting commitment to IGI’s turnaround.
He unveiled plans to focus on the underserved retail insurance market in Nigeria by investing in technology and innovative products tailored to individuals and small businesses.
“Our strategy is simple, we want to focus on retail because insurance penetration is very low in Nigeria, which means the opportunities are huge,” stated Mr Akinyele.
“We will invest in technology to allow customers to purchase insurance digitally and receive valuable support services,” he added.
In addition to the retail focus, IGI plans to prioritize settling outstanding claims and rebuilding public confidence through consistent claims payments following verstication of authenticity and correctness.
It has also paid over N500 million this year, it noted in a statement shared with Business Post.
The AGM also ratified the appointments of HRM Ahmed Nuhu Bamalli as Board Chairman, Mr Akinlolu Akinyele as Managing Director/CEO and four other new directors, including Mr Kabir Ayinde Tukur, Mr Oriyomi Tajudeen Ayeola, Mr 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 authorized sale of 9.8 billion unissued shares, representing 40.7 per cent of share capital to an investor group led by Coopvest Limited. The proceeds will support IGI’s transformation efforts.
Other resolutions passed at the AGM included authorizing the board to set auditor remuneration electing the statutory Audit and Compliance Committee, disclosing manager compensation, and improving directors’ remuneration.
The board also appointed Kreston Pedabo as IGI’s new external auditor to accelerate the completion of outstanding financial statements for 2019 to 2023.
Despite the company’s past struggles, the new management is optimistic about the future of the company.
Recall that the Federal High Court in Lagos stopped the underwriter from holding its proposed Annual General Meeting which was scheduled for January 22, 2024.
Justice Akintayo Aluko stopped the AGM when he granted an ex-parte motion against the company and 10 others until the Motion for Interlocutory Injunction was heard and determined.
“There are very interesting days ahead for our company,” Mr Akinyele said, adding that “We plan to grow this business back- not just to the top in Nigeria but to the top in Africa.”