IGI restructures assets, relocates head office
Industrial General Insurance Plc (IGI) has moved its corporate head office on Victoria Island, Lagos to a new location also on the highbrow island, in continuation of the restructuring process launched by the management to reposition the company for greater efficiency.
The company has also offered for sale part of its massive investment in real estate and subsidiaries, in its effort at restructuring its assets and ploughing back the proceeds into its business.
IGI Plc, which began operations as a composite insurer in 1992 with its headquarters at Adeola Hopewell Street, moved to its own five-storeyed building at Agoro Odiyan, in the neighbourhood of the Saka Tinubu business district of Victoria Island, Lagos.
Addressing the shareholders at the company’s yearly general meeting in Lagos in April, the Managing Director, Mr. Rotimi Fashola, had hinted about the relocation from the rented facility, which he said was part of the strategic measures aimed at improving liquidity and operational efficiency.
His words: “As part of the ongoing effort to refocus the company, we are moving our corporate Head Office from its present location to our five-storey building at Agoro Odiyan, Victoria Island, Lagos. We are committed to right-sizing and blocking wastages in order to boost liquidity; that is why we obtained NAICOM’s approval to restructure our assets. We need funds to sustain our present policy of ensuring prompt payment of claims, commissions and other obligations.”
The National Insurance Commission (NAICOM) had recently granted IGI the go-ahead to convert part of its long-term assets to liquidity. This is to enable the company to restructure its massive investment in real estate and subsidiaries, amounting to billions of naira, by offering them for sale and injecting the proceeds into its day-to-day operations.
IGI is opting for asset restructuring as part of measures to raise liquidity for the repositioning of the company in the core business of insurance. It is already in the final stages of divesting from under-performing subsidiaries.