Nigeria : The Managing Director, Mr Edwin Egbiti, spoke during the company’s 2019 annual general meeting which was held virtually in Lagos recently.
Niger Insurance Plc has disclosed that it plans to sell off real estate and investment property valued at N15bn.
He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.
“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”
In addition to addressing legacy claims, financial strength and reputational concerns, he said, it recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.
