IGI sets for major comeback, to take insurance industry by storm
The Industrial and General Insurance (IGI) is set to reclaim its leadership position as Coopvest Limited acquired a substantial 40.7% interest, positioning the company to accelerate its 5-year strategic plan.
A historic Annual General Meeting for the acquisition will be held on March 1.
IGI’s Managing Director, Akinlolu Akinyele, in a statement signed by the company’s Head of Brand and Corporate Communications, Olufunmilayo Afolabi, said the private placement had succeeded in injecting capital into the business, thereby opening growth opportunities to the business and its numerous customers.
According to the statement, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost IGI’s transition and ecosystem. The new management, it said, has over 20 years of experience working across Africa in energy and life insurance, and is supported by a strong board, one of whom is Tajudeen Ayeola, the CFN President.
He said, ‘’ We’re regulated by the National Insurance Commission and the Security and Exchange Commission. We were very mindful of all guidelines and processes, which we followed to the letter.
“We’re on top of the legal actions challenging the Annual General Meeting and acquisition of 40.7% shares by Coopvest Limited. Due process was carried out on this new step because IGI respects the government and regulatory guidelines. Fortunately, the court has nullified the order of interlocutory injunction restraining us from holding our AGM because the petitioners failed to satisfy all requirements.
“At the Annual General Meeting of December 8, 2022, shareholders approved the conversation for IGI and Coopvest. The management team followed through the process, registrars were appointed, and due notifications were sent to shareholders for approval and offering of pre-emptive rights.
“What is left is ratification of approval. Once that is done, the entire process is completed.”
On current claims of customers and the future of IGI, the Managing Director stated that the ongoing payment would be extended to all, stressing that internal processes and technology are being improved to measure up to contemporary standards.
“The future is very bright for IGI. For customers, it means a good time ahead. I want to assure customers that all claims will be completed. Some are due and those payments are ongoing. We have been receiving commendations from customers who received payment last month.
“Internal processes and technology are being improved to measure up to contemporary standards, making it more comfortable for customers to reach us, buy our products, and process claims faster from the comfort of their homes and offices,” Akinyele assured.
Incorporated as a Private Limited Liability Company in 1991, IGI thereafter re-registered as a Public Limited Liability Company in 2007. The company started as a composite insurer to transact the business of Life and General Insurance, including Pensions and Special Risks. It subsequently established a reputation for exceptional competence and became the preferred insurer for individual and corporate clients.