Great Nigeria Insurance unveils new board

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Great Nigeria Insurance Plc on Wednesday unveiled the new board members of the company following the conclusion of the divestment process.

The new board members unveiled at the company’s 48th Annual General Meeting in Lagos, has Tokunbo Talabi, a business magnate as its chairman. Other members of the newly constituted board include James Naiyeju, Bade Aluko, Arch Bishop Felix Alaba Job, Foluso Onabowale, Dapo Otunla, and Cecilia Osipitan as the Managing Director/CEO.

Two new executive directors, Rotimi Olukorede and Roselyne Ulaeto were also presented to the shareholders.

Talabi, in his maiden address assured the shareholders of the ‘board commitment to bringing to bear, their various wealth of experience to ensure optimum performance by the organisation’.

While thanking the previous board for the ‘good job done’, he emphasized that the Corporate Governance policy will be strictly pursued.

On her part, the Managing Director, Cecilia 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’.

It will be recalled that following the Central Bank of Nigeria’s [CBN] directive for banks with subsidiaries to either sell off their subsidiaries or adopt a holding structure, Wema Bank Plc, the majority shareholder of the 54 year old insurance firm had disposed off its stake in the company.

The successful bidding process which started in 2011 led to the emergence of new ownership for the insurance company.
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 it 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 reported a 119 per cent rise in the profit after tax, PAT 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 N2.9bn as against the turnover of N2.41bn of 2011, this shows a 16.5 per cent comparative increase.

Similarly, the total assets experienced a marginal growth of 13.8 per cent at N8.432bn as against the 2011 figure of N7.3bn. While, N833,1m was paid out as claims to its various customers.

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