By Dipo Olowookere
The entire share capital of Great Nigeria Insurance Plc has been delisted by the Nigerian Stock Exchange (NSE) from its trading platform.
This followed the request made by the insurance company to voluntarily stock trading its shares on the local bourse.
A circular signed by the Head, Listings Regulation Department at NSE, Mr Godstime Iwenekhai, said the delisting became effective from Friday, January 25, 2019.
“Further to our market bulletin of December 13, 2018 notifying dealing members of the approval of the application filed by MBC Securities Limited on behalf of Great Nigeria Insurance Plc for the voluntary delisting of the entire share capital of GNI, please be informed that the entire issued share capital of GNI were today, Friday, January 25, 2019, delisted from the daily official list of the Nigerian Stock Exchange,” the circular said.
GNI formerly managed by Wema Bank, commenced business in 1960 in insurance underwriting, financial advisory and real estate investments.
Wema Bank pulled out of the business as a result of the directive by the Central Bank of Nigeria (CBN) to banks to either divest from non-core banking subsidiaries or form holding company to hold those subsidiaries.
With this order, the bank transferred its 75 percent equity stake in GNI Plc to Insurance Resourcery and Consultancy Services Limited, with the acquisition process, which started in 2011, concluded on September 21, 2016.
Located in Lagos, GNI boasts of facilities put in place to improve efficient services driven by state-of-the-art information technology to ensure efficient and reliable system of prompt claim settlement as well as meet its underwriting obligations.
