Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.