NCRIB seeks government focus on insurance
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
...sets agenda for federal ministers
The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed that the cardinal place of insurance must receive the focus of the government.
According to the council, insurance is one of the risk management strategies that could help the nation preserve its wealth and by so doing guarantee financial prudence and economic sustainability.
Shola Tinubu the council’s president at the 2019 August edition of the NCRIB members evening held Tuesday, also urged the federal government to pay urgent attention to infrastructural development.
He advocated for the sustenance of efforts on construction of roads and development of other means such as the rail system and waterways. Adding that utmost priority should be given to sustainable power supply to Nigerians, considering the fact that power is the linchpin for economy development of the nation.
Tinubu while expressing the council’s congratulatory remarks to the newly appointed ministers, urged them to work as a team in order to revive the nation’s economy.
He said this can be done by activating all the latent natural resources that the country is blessed with and so as to enhance her economic vibrancy.
Specifically the council appealed to the ministers to work assidiously with other security operatives to help save Nigerians from incessant and reckless killings occasioned by tribal and religious insurgencies as well as other criminal behaviors.
Relatedly the council congratulated the chairman and vice chairman senate committee on banking insurance and other financial institutions Senator Uba Sanni and Senator Orji UzorKalu respectively.
He urged them to deploy their wealth of experience for the development of insurance sector of the nation’s economy.
Read Also: ‘Nigeria’s economic growth to remain wobbly with underdeveloped insurance sector’
Efekoha, CHI boss makes investment case for company
Meanwhile Eddie Efekoha, chief executive officer Consolidated Hallmark Insurance Plc., assured that the company will visit the market towards raising N4 billion to meet its capital requirement
In his address to brokers at the event, Efekoha said the recapitalisation directive from the NAICOM requires that the company has a capital of N10 billion in order to keep its existing license.
As at date the company’s shareholder funds stands at N6 billion, Efokoha said, leaving about N4 billion to be sourced.
Coincidentally, he said the company had in a bid to shore up its capital base, engaged in capital raising activities that brought in N1.2 billion.
He said the company carried out a rights issue where N500 million was raised from existing shareholders. Another successful private placement raising N700 million through new shareholders was recently concluded he said.
“This shows we have adequate experience and capacity to raising the capital required”
The insurance firm boss also hinted that the company is not averse to mergers and acquisition provided that the benefits align with the company’s corporate goals.
He said the company’s consideration of a merger is not necessarily because the required N10 billion can’t be raised, but because some organic and inorganic benefits can be accrued to the firm through the process.
Agusto & Co recently rated the firm BBB, Efekoha said the rating indicates a stable outlook for the firm.
Mary Adeyanju, CHI plc’s executive director operations also affirmed the company’s strengthened position among industry players.
According to her, the company has consistently paid dividend to shareholders amounting to N1.38 billion while claims paid in the last five years amounted to N11 billion.
Insurance brokers unanimously gave credence to the outstanding performance of the insurance company. The brokers noted that the underwriter was great to work with. In terms of claim payments and overall service, the company is excellent, one broker told business a.m’s correspondent.