By Cynthia Alo

GOLDLINK Insurance Plc has received approval of its shareholders to raise N3.3 billion through rights issue in a move to reposition its business.

At the annual general meeting of the company in Lagos last week, acting Managing Director, Mrs. Funke Moore, said already the exercise has received the approval of the National Insurance Commission, NAICOM. More explained that the money would be ploughed into restructuring the company’s business and return it to profitability.

She said, “Our recapitalisation will place us in a vantage position and repositions the company to compete favourably. Since the reconstitution of the present board by the regulator in 2016, through regulatory intervention, we have been able to restructure and gradually return to market reckoning.”

She said that despite the challenging business environment the company last year reported N1 billion profit and has equally recorded similar amount in the first quarter of 2018, which is an indication that the company has recovered financially.

“When we took over we met huge unsettled claims and staff that is not motivated but today we have reversed the situation” she explained.

On micro insurance, Moore said the company last year opened six offices outside Lagos which has further influenced business transactions.

She assured that the money raised would be judiciously utilised to fully reposition the company’s operations and create more opportunities for market adaptability.