By Dipo Olowookere
One of the insurance companies trading its shares on the Nigerian Stock Exchange (NSE), Royal Exchange Plc, will hold an emergency board meeting next month.
The insurer said yesterday that the meeting is to address some urgent issues aimed at giving direction to the company.
One of the issues to be discussed at the emergency board meeting is circular released by the National Insurance Commission (NAICOM) on August 27, 2018 bordering on the Tier-Based Minimum Solvency Capital Policy for insurance firms operating in the country.
At the meeting, the board of Royal Exchange will also look at how the firm will adhere to the conditions and requirements of the industry’s regulator.
Also to be discussed by the board is an update on the proposed investment in the company, which is meant to make the insurer bigger.
In addition, the board will receive and consider restructuring issues and any other business during the meeting.
Business Post reports that Royal Exchange is considering restructuring its operations in order to dominate the market after 100 years of its existence.
Group Managing Director of Royal Exchange, Mr Auwalu Muktari, had informed newsmen at a media parley earlier this year that the restructuring focuses on three main pillars: Digital Transformation; Efficient Distribution Channels and Business Process Remodelling.
According to him, the chief goal of this is to develop and implement an efficient and cost-effective distribution channel that will support the company’s earlier objective of being nimble and give the group leverage in delivering products and services faster and better and more reliable to its teeming clients in Nigeria.
In the notice to the NSE yesterday, Royal Exchange said the emergency board meeting will take place at the boardroom Royal Exchange House, 26E, Abdul-Rahaman Okene Close, Victoria Island, Lagos on Tuesday, September 11, 2018, by 10am.
“Consequently, and in accordance with the provisions of Rule 17.18(b) of the Nigerian Stock Exchange Rule Book, the company wishes to announce the commencement of a closed period from August 30, 2018 until the decisions taken at the board meeting are made public,” the statement said.
