12 December 2012

Nigeria: NSE Pledges Support for Niger Insurance At 50

The Nigerian Stock Exchange (NSE) has congratulated Niger Insurance Plc, one of the composite insurance groups in the country on its attainment of 50 years of successful operation in the country.

The exchange also reassured stakeholders in the company that it would continue to support the firm with a view to ensuring it grows stronger in the capital market.

The Director-General of the exchange, Oscar Onyema, gave this commendation when the exchange invited the Managing Director of the company, Dr. Justus Uranta, to end the day's trading by ringing the exchange closing bell in Lagos.

"The Nigerian Stock Exchange congratulates you on the 50th Anniversary of Niger Insurance Plc; we like to commend your board, management and staff for working assiduously over the years towards building your company to its current level. At the exchange, we are keen to support you in achieving even greater success," he said.

Ugochukwu said the event was to enhance the visibility of the company by showcasing its management to traders on the floor of the exchange.

Responding, Uranta noted that having weathered the storm successfully in the difficult business environment prevailing in Nigeria for the past 50 years, Niger Insurance has evolved over time to rank among the most sought after insurance providers in the country.

He said 50 years was a giant milestone that needs to be celebrated considering the fact that many of the companies which commenced business in the country 50 years ago were no longer in business.

Niger Insurance, he maintained has not only remained afloat over the years, but has also carved a niche for itself in its area of risk underwriting business and has continued to was stronger daily.

"From a small office on Lagos Island, the company can now boast of assets including magnificent buildings and office complexes spread all over the federation. Besides, only a few insurance companies can boast of a branch network the size of Niger Insurance Plc in Nigeria.

"Our enviable human and capital resources put the company in a class of its own. This is not forgetting the goodwill Niger Insurance Plc continues to enjoy till date," Uranta said.

Established in 1962, Niger Insurance currently has three subsidiaries including NIC Properties Limited; NIC Securities & Trust Limited; River Plaza and Shopping Mall Limited. The premium income being generated by the underwriting giant has been on a steady increase since it commenced operations.

Niger Insurance is one of the major players in the nation's capital market whose activities have contributed in no small way to shaping the activities of the market.

In view of the company's level of compliance with market requirements and information disclosure, the management of NSE earlier in the year commended the 50-year old underwriting firm for strictly complying with the stipulated rules of the capital for the benefit of all stakeholders.

Niger Insurance prides itself as an operator that has never been found wanting in the area of claims payment in keeping faith with its promise to pay all genuine claims promptly.

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