LAGOS (Sundiata Post) – Industrial General Insurance, IGI Plc will be restructuring its business to enable it stay afloat, Sundiata Post investigation reveals. As part of its strategy to achieve this, IGI has gotten authorisation from the National Insurance Commission (NAICOM) to convert some of its long term assets to regain profitability and stabilise its business.
IGI also planned to divest from non-core insurance businesses and services to concentrate on what it knows how to do best.
Rotimi Fashola, managing Director, IGI Plc said the company will be “right sizing” to ensure it is efficient. This implies that IGI might be laying off some of its workforce.
The company has also concluded plans to move its corporate headquarters from its rented address at Saka Tinubu to a five story building in Victoria Island, an asset owned by the firm.
IGI PLC was founded by the late Remi Olowude in 1992 as a general insurance company. The company is quoted on the Nigerian Stock Exchange but its listing status is in question as it has failed to meet various regulatory requirements.