The board and management of Industrial and General Insurance Plc (IGI) has assured the shareholders and workers of the firm that though the past years have been challenging but it would restore growth and stabilize the future of the company.
Though IGI has been overburdened with a bogus wage bill arising from a defective human capital deployment, the management has promised to put a sustainable halt to the insurance company’s declining fortunes.
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Chief Executive Officer, IGI, Rachel Emenike, explained that the Board of Directors had launched a strategic and holistic turnaround programme early this year under a new management with a view to putting a sustainable halt to the company’s declining fortunes and restore it on the part of growth.
She said, “The company has been overburdened over the years because this was no longer sustainable under the very difficult circumstance IGI found itself, the inexorable imperative was to undertake a proper review and adjustment of costs across board. This exercise prompted some tough decisions that are critical success factors.
“The company is working assiduously to meet the recapitalisation deadline of the National Insurance Commission (NAICOM). We are optimistic of eventual outcome and are encouraged by the level of our progress so far on the turnaround initiative. We are aware of today’s realities in the Insurance industry which necessitate that companies return to the drawing boards to re-strategise in order to remain in business.”
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Emenike added that the company assures all stakeholders, particularly customers, shareholders, staff and other business partners, that it is applying the right strategies and moving in the right direction and there is therefore unassailable cause to be hopeful for a better future.
“The Board and Management of IGI would like to particularly appreciate the company’s employees, both current and exited, for their understanding and believe in the company all through the difficult times. We heartily wish our exited colleagues greater success in their future endeavours,” she added.