Niger Insurance to raise N1 billion shares from capital market

He said Niger Insurance is making adequate preparations to float N1 billion units of shares by first quarter of next year.

He said Niger Insurance, which now has no fewer than 36 branches nationwide and growing to 50 would need the funds to increase its business activities, attract good human resources should the need arise, enhance the company’s service delivery in its turn around efforts, acquire more infrastructure such as information technology, as well as improve upon the company’s service delivery time.

He said in spite of the release of its funds in the Escrow account by the Central Bank of Nigeria (CBN), the fresh funds being sought are needed in a constantly changing insurance market that is attracting more foreign investors by the day, and only underwriting companies that have deep pockets would be able to transact insurance business in the evolving market.

Uranta who spoke in company of Niger’s executive directors for finance and technical, as well as company secretary also stated that the company would reward 77 members of its staff for serving for as long as 25 years or more as part of its 45 years of successfully transacting insurance business in the country.

He said there was a lot of apathy for insurance in Nigeria but that Niger Insurance would be in the forefront of driving insurance products and awareness to the rural areas of the country as part of its rural consciousness drive for insurance products and policies.

He told BusinessDay that in today’s Nigerian Insurance market, underwriting companies must be financially strong enough to effectively cover the Nigerian market as well as export insurance products and services to other countries just as South Africa and other countries are investing in the insurance industry and other major sectors of the Nigerian economy.

"Niger Insurance would like to emerge as one of the biggest players in the Nigerian insurance market which is why it wants to expand to countries like Ghana , South Africa since the industry is now stronger than ever, coupled with the quest to play globally," he stated.