Odu’a Group of Companies, a conglomerate with interest in manufacturing, real estate, hospitality, agriculture and financial services has strengthened its position in insurance and other financial services through its subsidiary, Glanvills Enthoven & Co (Nigeria) Limited.
This will enable the company take advantage of insurance and other financial services opportunities coming from its five owner states, that will not only enhance returns on investment but drive economic development of the Yoruba region.
Adebayo Jimoh, group managing director, Odu’a Investment Company Limited made the disclosure during a visit to the corporate head office of BusinessDay in Lagos.
Jimoh said there is huge potential in the insurance sector, particularly now that government is showing a lot of interest with some of the insurance policies now made compulsory.
“This is why we recently upgraded the brokerage firm so that it starts to take advantage of emerging opportunities in the sector as well as drive other financial services for the growth of Odu’a.”
Odu’a Group, worth N80 billion in assets, has 55 percent equity stake in Glanvills, United Insurance Brokers 40 percent, while the staff has 5 percent.
Its other investment in insurance is a 10 percent equity stake in Great Nigeria Insurance plc (GNI) where it had controlling interest before government policy some years back, which required that agencies of government reduce their stake in quoted companies to a 10 percent limit.
Glanvill Enthoven & Company (Nig) Limited is a leading insurance and reinsurance broker in Nigeria with a paid up share capital of N325 million. Its capital is well in excess of N5 million prescribed by the Insurance Act 2003. The Company commenced operations in Nigeria in 1957. The Company handles all classes of general insurance and, through wholly owned subsidiary Companies, also handles Reinsurance, Life and Employee Benefit Insurance.