By Nike Popoola

The Chairman, Niger Insurance Plc, Alhaji Bala Zakariya’u, has said that plans are under way by the company to raise fresh funds through rights issue to the existing shareholders.

At the company’s 41st Annual General Meeting in Uyo, Akwa Ibom State on Thursday, Zakariya’u said, “The board has decided to embark on a rights issue to existing shareholders to give equal opportunities to every member to benefit from the embedded wealth of the company.”

Analysing the company’s financial performance, he said Niger Insurance achieved a gross premium of N7.04bn in 2010, while its profit before tax stood at N86.5m.

Zakariya’u said in line with the firm’s tradition of giving appropriate and sustainable return to shareholders while ensuring steady growth, the company had recommended a bonus issue of one new share for every 10 held.

He added that the anticipated conducive economic environment in the country would create ample opportunities for the insurance industry in the 2011 financial year.

He said, “We are ready and able to key into the various programmes of the government and its agencies, to maximise our income and add more value to our shareholders and other stakeholders.”

He assured shareholders of the company’s readiness to pursue its Niger Enterprise Transformation agenda, which commenced last year, to the next level, in order to enhance the speed and efficiency of its service delivery.

With the injection of fresh funds into its operations, the chairman said the firm would be able to refocus and rebuild its investment portfolio, revamp its product offering, expand its distribution network and complete the installation of its Information and Communication Technology platform.

The Niger Insurance boss said, “We will continue to build more strategic and enduring business alliances and embark on more aggressive marketing.”

Niger Insurance, he added, would improve on its human capital development to enhance the capacity and capability of its workforce. He pledged that the company would not compromise its standard of excellence and professionalism which it had achieved over the years.

“As one of the major players, we support a functioning regulatory framework. We will therefore continue to be committed to the promotion of the implementation of regulatory measures and guidelines,” Zakariya’u said.

Source: Punch