IGI unveils ambitious turnaround plan, ratify new board members, others

Industrial and General Insurance Plc (IGI), which is a leading Nigerian insurance company providing comprehensive life, general, and specialized insurance solutions to individual and corporate clients has outlined a bold strategy to revitalize the company and drive future growth.

The company was the first private Nigerian insurer to achieve N1 billion in premium income just four years after launching.

At its Annual General Meeting held on the 1st of March 2024, at the IGI House in Abuja, the company which was Founded in 1991, unveiled ambitious turn around plan with ratification of new board members, auditor and share issuance.

IGI has built a reputation for exceptional expertise, particularly in underwriting complex risks in the oil and gas, marine, aviation, engineering, and industrial sectors.

With a strong capital base, deployment of modern technology, and a team of highly skilled professionals, IGI quickly established itself as a market leader known for premium services and innovative products tailored to customers’ needs.

In remarks to shareholders, the newly appointed Managing Director/CEO Akinlolu Akinyele pledged an unrelenting commitment to IGI’s turnaround.

He unveiled plans to focus on Nigeria’s underserved retail insurance market by investing in technology and innovative products tailored to individuals and small businesses.

He said: “Our strategy is simple – we want to focus on retail because insurance penetration is very low in Nigeria, which means the opportunities are huge.

“We will invest in technology to allow customers to purchase insurance digitally and receive valuable support services.”

In addition to the retail focus, IGI plans to prioritize settling outstanding claims and rebuilding public confidence through consistent claims payments following verification of authenticity and correctness.

A statement signed by Head, Brand and Corporate Communications Industrial and General Insurance PLC, Olufunmilayo Afolabi and made available to newsmen on Friday, indicated that over 500 million naira has already been paid in the past two months alone.

The AGM ratified the appointments of HRM Ahmed Nuhu Bamalli as Board Chairman, Akinlolu Akinyele as Managing Director/CEO and four other new directors.

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% 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 approving directors’ remuneration.

The Board also appointed Kreston Pedabo as IGI’s new external auditor to accelerate the completion of outstanding financial statements for 2019-2023.

Despite the company’s past struggles, the new management is optimistic about the future of the company.

“There are very interesting days ahead for our company,” Mr Akinyele Akinlolu told shareholders at the AGM.

He added, “We plan to grow this business back – not just to the top in Nigeria but to the top in Africa.”

IGI has expanded its footprint across Africa through strategic investments and acquisitions in Uganda, Rwanda, and The Gambia. The company also operates an extensive branch network in Nigeria.

Committed to continuous improvement, IGI consistently invests in cutting-edge technology to enhance operational efficiency, accelerate response times, and deliver seamless services to its valued individual and corporate clientele spanning diverse industries.