• Tuesday, March 05, 2024
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BusinessDay

GNI concludes Wema Bank divestment, names new board

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Following the successful divestment of Wema Bank plc from Great Nigeria Insurance (GNI) plc in line with the Central Bank of Nigeria (CBN) guideline on Universal Banking, the underwriting firm is set to grow bottom-line with enhanced shareholder value.

Consequently, the Company has appointed a new board with Tokunbo Talabi as chairman with strong commitment to bring to bear, their various wealth of experience to ensure optimum performance by the organisation.

Disclosing this at the 48th Annual General Meeting of the Company held in Lagos, Talabi while thanking the previous board for the ‘good job done’, he emphasized that the Corporate Governance policy will be strictly pursued. Talabi who is a business mogul formally introduced the other board members at the occasion. They are; James Naiyeju, Bade Aluko, Felix Alaba Job, Foluso Onabowale, Dapo Otunla, and Cecilia Osipitan the Managing Director/CEO. Also introduced are Rotimi Olukorede and Roselyne Ulaeto both as Executive Directors.

Osipitan who has been at the helms of the Company since December, 2009 assured that ‘with the conclusion of the divestment process, GNI plc is now fully focused on the matter of growing its bottomline, implementing the re-engineering initiatives and customer service improvement programme’.

Great Nigeria Insurance plc according to report and as part of its effort to improve on its turnaround time has only recently purchased a new software that will enable GNI Plc achieve this objective and it is in the process of going live with the new software.

As a measure of the growth of the organization, the Company in its recently released financial result witnessed a massive rise in the PAT with a 119 percent increase of N903m in its 2012 financial results when compared to the N399m of 2011.

GNI Plc’s gross premium as at 31st 2012 stood at N2,881,139 billion as against the turnover of N2,403,889 billion of 2011, this shows a 16.5 percent comparative increase.

Similarly, the total assets experienced a marginal growth of 13.8 percent at N8.432billion as against the 2011 figure of N7.265billion. While, N833,122m was paid out as claims to its various customers.

In the same vein, the retail products of the Company which are sold under its eBusiness platform has also started growing; one of which is Fireproof to cover against possible loss of properties through fire, another is Great Savers Delight; which is a savings investment scheme, Motorflex is an improved version of third party motor insurance policy and GNI Personal Accident Insurance product is for injuries sustained in accidents.

 Modestus Anaesoronye