January 27, 2023

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IEI positioned to develop in few years – MD/CEO


Managing Director/CEO of Worldwide Power Insurance coverage Plc, Ebun Ayeni has stated the insurance coverage agency is positioned to develop exponentially and phenomenally within the subsequent few years owing to its current acquisition by Norrenberger Monetary Companions Restricted.

Funding financial institution Norrenberger Advisory Companions Restricted gained the assent of the insurance coverage business’s watchdog to purchase Worldwide Power Insurance coverage (IEI), which has come beneath a loss-making spell for years on finish in 2021.

Norrenberger had in January 2022, obtained the approval of the Nationwide Insurance coverage Fee (NAICOM) to accumulate 100 per cent fairness in Worldwide Power Insurance coverage Plc, and additional obtained approval from the NGX in September 2022 for the block acquisition of fifty.6 per cent fairness holding within the Firm.

Talking on the agency’s forty third Annual Common Assembly held on the Oriental Lodge, Lagos on Tuesday, stated even within the face of a harsh world enterprise setting, the corporate’s gross premium revenue was N966 million in 2017 and N463 million in 2018.

“Nevertheless, it grew to N525 million in 2019 and N564 million in 2020. This was made potential by implementation of our advertising and marketing methods and underwriting effectivity regardless of the paucity of assets. There was vital development by the corporate regardless of the quite a few impediments.”

In accordance with him, IEI will leverage on the lively help of the group, their expertise, and well-trained workforce, strategically situated branches, and experience of its administration to place itself as one of many main insurance coverage corporations within the subsequent few years.

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He stated strategic initiatives have been initiated because the acquisition and this can additional proceed together with its execution. “This may additional allow optimum useful resource allocation, elevated development, and profitability by environment friendly danger administration and cross-selling through monetary built-in options,” he added.

In his personal comment, Group Managing Director, the brand new proprietor of IEI Plc, Tony Edeh stated aside from paying about N500 million in insurance coverage claims because the new house owners got here onboard, it has additionally settled the backlog of employees salaries and different encumbrances.

“We are going to proceed to make sure that we meet claims cost, as a result of claims cost is on the coronary heart of the business. From the time we took over to now we’ve paid near 0.5 billion in claims and we’ll proceed to try this going into the longer term.

“So claims cost is among the key areas the place we predict we might want to dwell on to get the belief of the market and the belief of the general public.

Edeh reaffirmed the brand new house owners’ dedication to develop the corporate and with a plan aimed toward positioning IEI Plc as one of many main insurance coverage corporations in Nigeria, additionally concentrating on the N15 billion recapitalization.

“We’re going to additionally revamp our product suite, to make sure that we’ve merchandise that talk to the precise wants of the market. I imply, as soon as we do all of this, a cocktail is a portfolio. As soon as we do all of this, we anticipate the corporate to be on the trail of development.

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The Chairman of IEI Plc, Alhaji Bukar Goni Aji, a former Head of Service of the Federal Civil Service, promised that the corporate would maintain the momentum for income and market management, by changing into a really world class monetary companies group and financial powerhouse.

He stated, “I wish to thank our shareholders for his or her endurance and understanding in the course of the previous years. Our resolve is to earnestly work more durable for our firm to have the ability to pay dividends persistently within the coming years. We encourage all shareholders to embrace the e-dividend possibility for the immediate cost of their dividends.”

“We really feel strongly that the well being of any enterprise can also be a operate of capital, the capital base upon which the enterprise sits proper will proceed to enhance our capitalization.” He added.

On the assembly, the shareholders confirmed the appointment of the brand new Board of Administrators – Alhaji Bukar Goni Aji as Chairman, Tony Edey, Dr. Chamberlain S, Peterside, Teniola Eleoramo, Mohammed Mijindadi and Dr. Adeyinka Hassan as members.

Equally, the shareholders additionally confirmed the appointment of government administration workforce that features, Ebun Ayeni- MD/CEO, Monsurat Ayoola- ED/COO; Emmanuel Bassey –CFO; Solabomi Odubiyi – Head, underwriting; Jonathan Ifidon- Group Head, Technical; Wale Adedokun –Head ICT.