The Emir of Zazzau, Ahmed Nuhu Bamalli, has called on shareholders of Industrial and General Insurance Plc (IGI) to support a major capital restructuring plan aimed at strengthening the company’s financial position and competitiveness.
Bamalli, who chairs the Board of Directors of IGI, made the call ahead of the company’s Extraordinary General Meeting (EGM) in Kaduna, where key resolutions on capital expansion and strategic growth were tabled for approval.
Addressing shareholders, the monarch said the proposed increase in the company’s share capital from N12 billion to N30 billion was critical to repositioning IGI in a challenging economic and regulatory environment.
“Distinguished shareholders, the resolutions presented at this Extraordinary General Meeting are designed to strengthen the foundations of our Company and position Industrial and General Insurance Plc for long-term stability and growth,” he said.
He explained that the Board is seeking approval to create additional shares to boost the company’s capital base and provide room for future investments.
According to him, the move would enable IGI to take advantage of emerging opportunities while meeting evolving regulatory requirements in the insurance sector.
“The Board firmly believes that the proposed increase in share capital and the authorization to raise additional capital will provide the Company with the flexibility and resources required to support our strategic objectives, enhance operational capacity, and deliver sustainable value to our shareholders,” Bamalli stated.
The Emir further disclosed that the company plans to explore various capital-raising options, including rights issues, private placements, public offers, and possible mergers or acquisitions, subject to approvals from relevant regulators.
He said the strategy was informed by prevailing global economic uncertainties, including tight financial conditions, inflationary pressures, and geopolitical tensions affecting markets worldwide.
“Globally, economic conditions have remained uncertain as economies continue to navigate the lingering effects of post-pandemic adjustments,” he noted, adding that high interest rates in advanced economies have contributed to slower growth and reduced liquidity.
Bamalli also drew attention to ongoing reforms in Nigeria’s insurance industry, particularly efforts by the National Insurance Commission (NAICOM) to strengthen capitalisation and corporate governance among operators.
“These reforms present both challenges and opportunities for operators within the industry,” he said, stressing that companies with stronger capital bases would be better positioned to compete and grow.
He assured shareholders that the Board and management of IGI are committed to aligning the company with regulatory expectations and industry best practices.