Niger Insurance restructures into life, general businesses

To split into two separate companies Aims to strengthen capital standings Shareholders passed resolution at 50th AGM

NIGER INSUR ANCE PLC, ONE of Nigeria’s oldest insurer, is to split into two separate entities in a restructuring of the company’s business capital raise that will see emerge life and general insurance businesses.

The company’s shareholders passed and approved a resolution to this effect at its 50th annual general meeting, according to a corporate disclosure of this development filed to The

Nigerian Stock Exchange on Friday signed by the company’s legal advisors, TOLG Nominees.

The resolution directed major decision-makers of the company to have the business structured into a separate legal entity - general and life.

The company also announced a change of directors by rotation, with the emergence of Ebi Enaholo and Olufemi Owopetu as new directors.

The resolutions read in part: “The directors of the company be and are hereby authorized to restructure the company’s insurance business into General Insurance Business and Life Insurance Business, each business to be structured as a separate legal entity”

What the changes mean for the company

Considering the fact that Niger Insurance has made a move to refresh its administrators and business capital base, this could translate into a number of advantages if effectively utilized as the changes could help strengthen grounds for the company to attract investors into the firm and business arms. However, the administrative change could also serve as a trigger for bigger prospects.