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Anchor Insurance to widen scope of ownership

Managing Director of Anchor Insurance, Mr. Adeduro Mayowa has said that the board of the company is considering widening the scope of ownership and investments in the company.

Mayowa said that more investors would be welcomed in the company soon as the Board is considering a broad strategy of increasing the paid up share capital of the company above N5 billion mark.  As at 2011 financial year it stood at N3 billion authorised share capital and N2.45 billion paid up share capital.  The shareholders fund stood at N3.74 billion in the period.

Mayowa said that the board of Directors of the company has also approved the construction of a new commercial high-rise building in Uyo, the Akwa Ibom State capital.

In a statement, the company said that the project will involve a multipurpose six floors complex to boast of all modern facilities including banking hall at its ground floor and restaurant at its pent house situate in a land of about 1500sqm. It is expected that the built area will be about 700sqm thus given substantial part of the area for car park.

The company said that the Board retains the services of Design Project Nigeria, a firm of Architects with offices in Abuja, Calabar and Lagos.  It is estimated that the project will be completed within one year and probably will be commissioned to mark the 25th Anniversary of the Company event which is scheduled to be hosted at the last quarter of 2014.  Meanwhile all designs and approvals had been obtained from relevant government agencies in Uyo.

Mayowa refused to disclose cost of the project but said that it is going to be a landmark project in the heartland of Akwa Ibom capital.  He commended the efforts of the government of Chief Godswill Akpabio in transforming the state.  He stated that Anchor Insurance management was just responding to the positive investment atmosphere in the state just like any other informed investor.

The Managing Director equally mentioned that the Board also approved renovation of the old Anchor Insurance House at Aka Road, Uyo, Akwa Ibom State.  The seven floors building which used to be the tallest building in the capital currently house United Bank for Africa Plc and the Corporate Affairs Commission, Akwa Ibom State zonal office. Mr. Adeduro said the Company is set to let out more floors to boost its income from investment properties.

Mr. Adeduro who joined the company in 2008 on a turn around mission following a recruitment search by a leading human capital consulting firm in Lagos said that the company has been in consistent profitability since 2009 and had paid dividends consecutively for three years.  He said the turn around mission in the company had been accomplished and now the company is on the trajectory of geometric growth.

On the 2012 performance of the company, the Managing Director said the financials should be approved by NAICOM before figures can be disclosed publicly.  However, the shareholders should expect nothing less than improved performance already known with the company and even far better than its year 2011 performance.  In the last three years Anchor Insurance Gross Premium Income has grown by over 100 per cent thus setting the company apart as a leading general insurance company in terms of annualized percentage growth rate and profitability.

On what accounted for Anchor Insurance growth rate which was above 100 per cent of industry growth rate of about 17 per cent in general business and 23 per cent in life business, Mr. Adeduro said that the management realised that for a long time the company had suffered from management ineptitude and gross inefficiency therefore the new management set a new agenda and obtained the approval of the board and the cooperation of entire staff to handle insurance innovatively leaping on Blue Ocean strategy and Total Quality Management.


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