IGI Targets Retail Insurance Market After Reshuffle, Shareholders Greenlight
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. READ MORE
IGI Set to Reclaim Top Position in Insurance Industry
The Industrial and General Insurance (IGI), has reiterated its commitment to reclaim its leadership position in the insurance industry as Coopvest Limited acquired a substantial 40.7 per cent interest in the company in order to position it to accelerate its 5-year strategic plan.
The Managing Director of the company, Akinlolu Akinyele, who said this in a statement by the Head of Brand and Corporate Communications, Olufunmilayo Afolabi, disclosed that the private placement had succeeded in injecting capital into the business thereby opening growth opportunities to the business and its numerous customers.
According to the statement, with a historic Annual General Meeting (AGM) for the acquisition slated for March 1, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost the transition and ecosystem of the company. READ MORE
Insurance: IGI Sets to Reclaim Top Position with Historic Comeback
The Industrial and General Insurance (IGI) is set to reclaim its leadership position as Coopvest Limited acquired a substantial 40.7% interest, positioning the company to accelerate its 5-year strategic plan.
A historic Annual General Meeting for the acquisition will be held on March 1.
IGI’s Managing Director, Akinlolu Akinyele, in a statement signed by the company’s Head of Brand and Corporate Communications, Olufunmilayo Afolabi, said the private placement had succeeded in injecting capital into the business, thereby opening growth opportunities to the business and its numerous customers.
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According to the statement, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost IGI’s transition and ecosystem. The new management, it said, has over 20 years of experience working across Africa in energy and life insurance, and is supported by a strong board, one of whom is Tajudeen Ayeola, the CFN President.
He said,“ We are on top of the legal actions challenging the Annual General Meeting and acquisition of 40.7% shares by Coopvest Limited. Due process was carried out on this new step because IGI respects the government and regulatory guidelines. Fortunately, the court has nullified the order of interlocutory injunction restraining us from holding our AGM because the petitioners failed to satisfy all requirements.”
“At the Annual General Meeting of December 8, 2022, shareholders approved the conversation for IGI and Coopvest. The management team followed through the process, registrars were appointed, and due notifications were sent to shareholders for approval and offering of pre-emptive rights. READ MORE
IGI eyes tech to boost retail insurance market share
Industrial and General Insurance Plc has revealed that it plans to invest in technology to increase its share of the retail insurance market in the country.
This was the conclusion at the end of its Annual General Meeting which was held in Abuja recently.
In remarks to shareholders, the newly appointed Managing Director/Chief Executive Officer, 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.
Akinyele 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 prioritise settling outstanding claims and rebuilding public confidence through consistent claims payments following verification of authenticity and correctness.
the firm said that it had paid over N500m in the first two months of the year as claims.
Meanwhile, the AGM approved the appointments of HRM Ahmed Nuhu Bamalli as Board Chairman, Akinyele as Managing Director/CEO and four other new directors including Mr Kabir Ayinde Tukur, Oriyomi Ayeola, Sadiq Kaita and Mrs Olubukola Akomolafe, while Augustine Olorunsola and Gaffar Animashawun were re-elected to the board. READ MORE
IGI’s new management unveils turnaround plan
Industrial and General Insurance (IGI) Plc has outlined a bold strategy to revitalize the company and drive future growth
A statement by the Head, Brand and Corporate Communications, Industrial and General Insurance Plc, Afolabi Olufunmilayo said the plans were unveiled at the firm’s Annual
General Meeting (AGM) held recently in Abuja.
He said in remarks to shareholders, 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. READ MORE
PILA honours late IGI CEO Olowude
The Professional Insurance Ladies Association (PILA) has honoured the late founder of Industrial and General Insurance (IGI) Remi Olowude with a posthumous Special Award of Excellence for his moral and financial support to the body during his lifetime.
The recognition, according to PILA, was part of the body’s 50th anniversary celebration in Lagos.
Olowude, who died in 2014, was the prestigious insurance company’s Executive Vice Chairman/Chief Executive Officer.
In a letter of invitation sent to the family signed by Bola Onigbogi and Margaret Moore, Fundraising and Awards Committee Chairman, and PILA’s President respectively, the association said the selection process took time and deliberation.
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“Late Dr. Remi Olowude and the other selected recipients stood out as leaders who have made their mark in their different spheres and who have consistently shown exemplary traits that are worthy of note,” the letter stated.
The award was received by the wife of the deceased, Bunmi in company of Foluso Gbadamosi, Bukky Akomolafe and others.
Born in 1951, Olowude was an economist and chartered insurance practitioner who many revered as the expert who changed the face of insurance marketing in Nigeria. READ MORE