Niger Insurance Awaits NAICOM to Approve Edwin Igbiti as MD/CEO

Edwin Igbiti Niger Insurance

By Dipo Olowookere

The management of Niger Insurance Plc has said Mr Edwin Igbiti is yet to be appointed as the substantive Managing Director/Chief Executive Officer of the company.

The insurance firm, in a notice to the Nigerian Stock Exchange (NSE) on Thursday, said it was still awaiting the approval of the National Insurance Commission (NAICOM), the agency saddled with the responsibility of regulatory the insurance sector in Nigeria.

Business Post reports that Mr Igbiti retired as the MD/CEO of AIICO Plc few weeks ago and a grand reception held in his honour by the leading insurer in the country.

Recently, there were reports that the renowned professional, who left AIICO after 27 years of meritorious service, had been appointed to take over affairs at Niger Insurance.

But Niger Insurance said it did not authorise the publication on the appointment of the substantive MD/CEO, promising to duly notify the Nigerian Stock Exchange (NSE) “upon the receipt of the approval of the appointment by NAICOM.”

However, the company confirmed that its board of directors “unanimously appointed Mr Edwin Igbiti as the substantive Managing Director and Chief Executive Officer of Niger Insurance” at its meeting held on Wednesday, July 24, 2019.

It said after the board’s approval, the appointment of Mr Igbiti was forwarded “to the insurance industry’s regulator, the National Insurance Commission (NAICOM), for its statutory approval.”

“The board has not yet received the full approval of the appointment by NAICOM, and as such the company cannot advertise or public the appointment until after approval by the commission,” it emphasised.

Niger Insurance Plc, which is based in Lagos, according to Bloomberg, provides life insurance, related pension, savings, and investment products in Nigeria. The company also offers fire, motor, burglary, professional indemnity, marine cargo, product liability and special risk insurance products. Niger Insurance further offers a savings and investment program designed for Muslims, and a Group Education Policy.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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