Niger Insurance Plc has recorded a Profit Before Tax (PBT) of N661.31 million in 2018, the Chairman, Stephen Dike, has said.
He spoke at the firm’s 49th Annual General Meeting (AGM) held in Lagos.
He said the gross premium written in 2018, stood at N4.45 billion and gross premium income N5.22 billion.
He added that the firm achieved a modest operating profit of N593.81 million in 2018 from a loss of N978.93 million in 2017.
He, however, stated that the company is looking to raise N15 billion by way of a right issue, private placement or to negotiate merger or acquisition, or any form of business combination.
He said as part of restructuring the firm’s assets to enhance liquidation, approvals had been made for sale of some real estate properties and the sales will be concluded very soon.
Addressing the issue of solvency, he said the firm in January 2019 raised N2 billion, which was deposited in an escrow account with First City Monument Bank.
He acknowledged that the firm is facing a challenge but expressed optimism that the company would emerge stronger while soliciting support and collaboration from shareholders.
The Managing Director, Edwin Igbiti, noted that the company is committed to settling all claims issues, stressing that he joined the company because he believes it will not die but live to meet the expectations of investors.
He also solicited support from the shareholders in moving the company to lofty heights.
The shareholders ratified all the proposals made by the board, among which was the authorisation to raise N15 billion by way of a right issue, private placement or to negotiate merger or acquisition or any form of business combination.
Some shareholders who spoke at the event lauded the board and management for keeping the firm afloat.
The President, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, lauded the chairman for keeping the company going and urged him to do more in making it stand strong among its peers in the industry.
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