News Column

Niger Shareholders to Get 3.5k Dividend

July 29, 2014

Sola Alabadan

Niger Insurance Plc is to pay 3.5 kobo per share as dividend to its shareholders for the financial year ended December 31, 2013. This is in keeping faith with the company's promise to ensure that the shareholders always get good returns on their investments.

The company's Managing Director, Kolapo Adedeji, who disclosed this while addressing journalists in Lagos recently, stated that the company's board would be proposing this for shareholders' approval during the annual general meeting holding in Ilorin, Kwara state on July 31.

According to him, the dividend will be paid to the shareholders once it is approved at the yearly meeting.

He also said that "The transformation agenda we started five years ago has started yielding positive results. We have been able to review most of our business operations and in turn there are clear indices of improved operating performance. This is evident in our financials under review.

"The company's Gross Premium Income in 2013 is N10.44 billion as against N10.33 billion in 2012. The Profit Before Tax increased by 163 per cent in 2013 from N256.56 million recorded in 2012 to N674.30 million in 2013," he noted.

Adedeji, however, pointed out that the company's investment income reduced by 33 per cent from N975.37 million in 2012 to N649.50 million in 2013.

He also said the shareholders fund increased to N7.88 billion in 2013 from N7.08 billion in 2012, while the total assets increased to N24.18 billion in 2013 from N21.73 billion in 2012.

The Niger Insurance boss further emphasised that the results were still subject to the approval of the shareholders at the forthcoming general meeting.

He said that the company was upgrading its information and communication technology to integrate its regional and branch offices.

Besides, Adedeji said that the company had adopted e-payment systems for premium collection.

He equally informed that the company plans to launch new products as well as repackage the existing ones to suit its various customers.

In order to ensure the safety of its staff, Adedeji said that the company had shut down its offices in Bornu, Yobe and Adamawa states, noting that the company's customers in those areas were being serviced from other states.

Adedeji also said that the enforcement of "No Premium, No Cover" provision contained in section 50 of the Insurance Act 2003 helped the company to maintain good liquidity in 2013.

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Source: AllAfrica

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