By Cynthia Alo
NIGER Insurance Plc is set to attract fresh capital from new investors in a bid to drive its transformation initiative.
Chairman of the company, Mr. Hamisu Abubakar, who disclosed this at the company’s annual general meeting in Lagos, said that the transformation initiative will revolve around retail strategy, its culture and processes to produce a new brand in the market.
Abubakar stated: “The Board has just concluded a company transformation exercise which should reposition the company on the path of sustained growth soon.
“I am pleased to report that the Board has reached advanced stages of discussion with investors who will add to capital and bring technical expertise to your company. We believe that at these challenging times, this is a welcome development.”
For the financial year ended December 31, 2017, Niger Insurance recorded total assets of N22.8 billion from N22.5 billion in 2016, gross premium earned rose by N2 billion or 44 percent above N5.962 billion earned in 2016.