Great Nigeria Insurance Unveils New Board

Posted by African Examiner Business News, Latest Headlines Friday, March 28th, 2014

Kayode Adelowokan, Lagos

The Great Nigeria Insurance Plc has unveiled its new board members following the conclusion of it divestment process.

At the Company’s 48th Annual General Meeting held in Lagos, the new Chairman, Tokunbo Talabi, in his maiden address assured the shareholders of the ‘board commitment to bringing to bear, their various wealth of experience to ensure optimum performance by the organisation’.

While thanking the previous board for the ‘good job done’, he emphasized that the Corporate Governance policy will be strictly pursued. Talabi who is a business mogul formally introduced the other board members at the occasion. They are;  James Naiyeju, Mr. Bade Aluko, Arch Bishop Felix Alaba Job, Mrs. Foluso Onabowale, Dapo Otunla, and Mrs. Cecilia Osipitan the Managing Director/CEO. Also introduced are Rotimi Olukorede and Mrs. Roselyne Ulaeto both as Executive Directors.

Commenting further on the Company at the occasion, Mrs. Osipitan who has been at the helms of the Company since December, 2009 assured that ‘with the conclusion of the divestment process, GNI Plc is now fully focused on the matter of growing its bottomline, implementing the re-engineering initiatives and customer service improvement programme’.

It will be recalled that following the Central Bank of Nigeria’s [CBN] Directive for banks with subsidiaries to either sell off their subsidiaries or adopt a holding structure, Wema Bank Plc, the majority shareholder of the 54 year old Insurance firm decided to sell her stake in the Company.

The successful bidding process which started in 2011 led to the new ownership of Great Nigeria Insurance Plc that was now unveiled at the impressive ceremony.

Great Nigeria Insurance Plc according to report and as part of its effort to improve on its turnaround time has only recently purchased a new software that will enable GNI Plc achieve this objective and it is in the process of going live with the new software.

As a measure of the growth of the organization, the Company in its recently released financial result witnessed a massive rise in the PAT with a 119% increase of N903m in its 2012 financial results when compared to the N399m of 2011.

GNI Plc’s gross premium as at 31st 2012 stood at N2, 881,13 Billion as against the turnover of N2,403,889 billion of 2011, this shows a 16.5% comparative increase.

Similarly, the total assets experienced a marginal growth of 13.8 per cent at N8.432billion as against the 2011 figure of N7.265billion. While, N833,12 million was paid out as claims to its various customers.

In the same vein, the retail products of the Company which are sold under its eBusiness platform has also started growing; one of which is Fireproof to cover against possible loss of properties through fire, another is Great Savers Delight; which is a savings investment scheme, Motorflex is an improved version of third party motor insurance policy and GNI Personal Accident Insurance product is for injuries sustained in accidents.

 

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