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Chuks Udo Okonta
Industrial And General Insurance Plc (IGI) has moved its corporate head office on Victoria Island, Lagos to a new location also on the highbrow island, in continuation of the restructuring process launched by the management to reposition the company for greater efficiency.
IGI Plc, which began operations as a composite insurer in 1992 with its headquarters at Adeola Hopewell Street, moved to its own five-storey building at Agoro Odiyan, in the neighbourhood of the Saka Tinubu business district of Victoria Island, Lagos.
Addressing the shareholders at the company’s annual general meeting in Lagos in April, the Managing Director, RotimiFashola, had hinted about the relocation from the rented facility, which he said was part of the strategic measures aimed at improving liquidity and operational efficiency.
His words: “As part of the ongoing effort to refocus the company, we are moving our corporate Head Office from its present location to our five-storey building at Agoro Odiyan, Victoria Island, Lagos. We are committed to right-sizing and blocking wastages in order to boost liquidity; that iswhy we obtained NAICOM’s approval to restructure our assets.We need funds to sustain our present policy of ensuring prompt payment of claims, commissionsand other obligations.
The National Insurance Commission (NAICOM) had recently granted IGI the go-ahead to convert part of its long-term assets to liquidity. This is to enable the company to restructure its massive investment in real estate and subsidiaries, amounting to billions of naira, by offering them for sale and ploughing back the proceeds into its day-to-day operations.
IGI is opting for asset restructuring as part of measures to raise liquidity for the repositioning of the company in the core business of insurance. Already, the company has concluded plans to divest from under-performing subsidiaries anywhere they are, with a view to concentrating fully on insurance business in Nigeria.