Niger Insurance plans to recapitalize through N15bn property sale

Niger Insurance Plc has announced its plans to sell off real estate and investment property valued at N15bn to help boost its cash flow and efforts to meet the recapitalisation requirements of the insurance industry.

The Managing Director, Niger Insurance Plc, Mr Edwin Egbiti, disclosed this during the company’s 2019 annual general meeting, (AGM) which was held virtually in Lagos recently.

Egbiti, 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.”

The MD Niger Insurance Plc, stressed that in addressing legacy claims, financial strength and reputational concerns, it recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.