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Chuks Udo Okonta
Shareholders have commended the National Insurance Commission (NAICOM) for its role that saw to revival of International Energy Insurance (IEI) Plc.
The National Coordinator, Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, said this when the leadership of Insurance and Pension Editors (IPEN) visited the association in Lagos.
He noted that shareholders are grateful to NAICOM for bringing back the underwriting firm, stressing that with the restoration, NAICOM has saved jobs of many of the firm’s employees; save investors’ investments in the firm; protect policyholders and also impacts the economy, as the firm would continue to pay taxes.
He commended NAICOM for appointing a competent board to manage the firm during the crisis and for allowing a genuine investor to take over the firm.
The ISAN National Coordinator said shareholders are happy with the present position of the underwriting firm and wished it would regain all its lost glories.
Igbrude noted that shareholders are against regulators liquidating enterprises, adding that liquidation rob the economy of taxes, employees – job, shareholders – investments and policyholders, their finances.
He implored NAICOM to apply same efforts used in reviving International Energy Insurance to save other insurance firms that are presently not doing well.
He submitted that shareholders would continue to support NAICOM to ensure insurance companies live up to their responsibilities to all their stakeholders.
Igbrude went further to described as pathetic foreign acquisition of insurance companies.
He expressed worry over the development stating that most foreigners only take advantage of the nation’s bad economy, undervalued stocks and the poor exchange rate.
“Our economy is so bad that most of our stocks are undervalued, our exchange rate is so poor, only a million dollar will translate to N700 million, then if you have N700 million, in this industry, you can buy and have a stake in insurance companies”, he lamented.
He stated that not all Direct Foreign Investment (DFI) was good for the Nigerian economy, even as he noted that some of the portfolio investors come to take advantage of the weak laws and economy. ” What they do is buy into firms and delist them from Nigeria Exchange and they become private business and then hid them from the eyes of the government and the next thing, you wouldn’t hear about the companies again”, he said.
Acknowledging the fact that there are still good investors, he appealed to the insurance industry regulatory body, the National Insurance Commission (NAICOM) to allow only genuine investors into the industry, even as he urged the commission to put in place process to check activities of the fake ones.
President of IPEN, Chuks Udo Okonta, said the purpose of IPEN visit to ISAN was to seek a cordial media relationship with the association as well as allowed the shareholders to assess their investment in insurance industry.
He promised that IPEN, as a body of insurance and pension editors ready to reshape the two sectors through developmental journalism.
