Leadership (Abuja)
17 September 2008
Fortress Insurance Company, put under receivership by the Nigeria Insurance Commission for failing to meet the 2003 recapitalisation exercise, has recorded a profit of N38.8 million through bank interest.
The receiver/liquidator of the company, Mr. Chukwuma-Machukwu Ume, said the revenue was realised through prudent management of the various funds accruing to the company since it was placed under liquidation.
Mr. Chukwuma-Machukwu Ume stated that he undertook to prudently manage the funds to keep the fortressing dream alive.
He told owners of the company, at a meeting in Owerri, Imo State at the weekend, that though the company was dead, its dream could be sustained by ensuring that the pains of its death were minimised.
"We live to die", Ume said, but it is not the death of our body that occasions all sorrows. It is the death of the continum of our good deeds, dreams and aspiration," adding that the "solemn panacea and amelioration to death is to ensure that our dreams and visions outlive our mortal body".
Ume, who is an Abuja based legal practitioner, said the above philosophy guided him in ensuring the prudent management of funds due to the company from debtors as well as settlement of entitlements of all former staff of Fortress to enable them meet their obligations to their families having put so much to realise the Fortress dream.
He also disclosed that creditors of the company had been fully paid their claims.
The receiver/liquidator put the payments to staff at N3.764,225.33 while creditors took N27,804,542.45.
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