* Firm grows profit by 202% in 2017
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Chuks Udo Okonta
Shareholders of Great Nigeria Insurance Plc today unanimously approved the delisting of all the ordinary issued shares of the company from the Daily Official List and from trading on the main board of the Nigerian Stock Exchange( NSE) .
Speaking at the Extra-ordinary General Meeting (EGM) in Lagos, Sunday Solomon Akinsoye a member of the independent shareholders Association of Nigeria ( ISAN) said that the continued fining of the company by NSE is destroying the investment of minority shareholders.
He noted that the shareholders are not pleased with the regulator, adding that if such funds paid as fines are channel as dividend or for investment, shareholders will be better for it.
Also, Alex Adio, a shareholder also applauded the board of directors for the bold step they have taken to delist the company voluntarily from the exchange, adding that the company has what it takes to survive after the delisting.
According to him remaining at the exchange has not in any way benefiting to the company, while assuring that shareholders will support all move by the company.
Speaking at the event the chairman of the compny, Bada Aluko, said that the decision to delist the company from NSE was as a result of no trading on the shares of the company over 5years.
” Over the last 5 years, there is little or no trading activity with only 0.50 percent of shares held by the minority shareholders being traded. There has also been a measurable fall in trading volumes over the last 12 months with an average daily volume of circa 1,200 units during the period January 2017 to December 2017.
” Neither our company nor you, our esteemed shareholders are benefiting from the continued listing as shares are not getting any exit opportunity and their investments have been locked up and they find it difficult to dispose of their shareholders, Moreover, the company is bearing unnecessary cost in complying with its listing obligations
The shareholders also adopted the 2016 and 2017 financial accounts of the company at the annual general meeting which took place immediately after the EGM held in Lagos.
On its finacial performance, he said its profit grew massively by 202 percent from a loss of N442.7 million in 2016 to a profit of N449.7million in 2017.
Gross premium if the company rose also to N3.02billion in 2017 as against N2.21billion reported in the previous year of 2016; indicating a growth of 36.59 percent.
The company’s investment income appreciated 30.89 percent from N306million to N401 million in 2017; while value of the company’s total assets appreciated by 1.2 percent to stand at N10.12billion when compared to N10billion reported in 2016.
Shareholders fund also witnessed a 7.7 percent growth to stand at N5.89 billion as against N5.43billipn reported in 2016.
On its plans to improve profits for investors, the MD/CEO of the company, Cecilia Osipitan noted that the company is re- engineered and more committed to dominating the retail market through continuous and consistent awareness using a motivated retail workforce, improved technology- driven applications and easily adaptable digital platform GNIOnGo to drive its sales.
“We wil continue to improve our understanding of customer’s evolving needs and how they wish to be served.”