The chairman of Niger Insurance Plc, Bala Zakariya'u, has told business owners in Nigeria to embrace business succession or business continuation planning so that their organisations can continue to thrive whenever there is a change in management.
He explained that business succession planning refers to a comprehensive strategy for transitioning a business from the current Chief Executive Officer or managing partners to a successive generation.
Zakariya'u, while fielding questions from journalists in Lagos said that Niger Insurance is a good example of an organisation that has benefited from good succession plan since inception.
Before the immediate past managing director of Niger Insurance Mr. Justus Clinton Uranta became the MD, there was a plan already in place to make sure that the company continues to run smoothly whenever there is a change in the management team, Zakariya'u noted.
Prior to his leaving the post of the managing director in 2005, he explained that Justus Uranta was already being groomed to take over from him in order that the company can continue seamlessly.
Now that Uranta has bowed out as the managing director of Niger Insurance after 35 years of meritorious service in the insurance industry, Zakariya'u said the underwriting firm does not have problem replacing him with Mr. Kolapo Adedeji, who was until recently the deputy managing director.