Insurance company, Niger Insurance Plc, has said that it will sell off some of its real estate and investment property for solvency.
Niger Insurance Plc said that the properties put up for sale are valued at N15 billion and will infuse cash flows into the company.
This disclosure was made by Niger Insurance Plc’s Managing Director, Edwin Egbiti, at the company’s virtual annual general meeting for 2019.
Egbiti said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.
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“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”
