The National Insurance Company (NICON) is undergoing restructuring to take its rightful place in the insurance sector.
Mr. Samuel Bayode, the Managing Director of NICON, explained the plight of the organization on Friday when the Management staff visited the Managing Director of the News Agency of Nigeria (NAN), Mr Bayo Onanuga, in Abuja.
Bayode, who was represented by Mr. Steven Ojo, Executive Director, Finance and Account, said NICON was one of the leading insurance companies before its privatization.
“NICON has been in existence for years, and as at today it is the biggest insurance company in terms of asset, but in terms of revenue we are not number one.’’
He explained that NICON was the insurer of federal government in the past because it was owned by government, but the situation has changed.
“But since it was privatized all those privileges were given to other insurance companies, and we are now in the market trying to show case what we have and our business.
“Now we have put the structure in place and we believe that we want to come back and take back our number one position.
He said after the privatization more liabilities than assets were inherited by NICON but it had been able to clear the liabilities and was ready to use its asset to generate revenue.
He said the present management of the NICON was determined to take the company to another level and that was why it is seeking partnership with NAN to help in achieving its mandate.
“We are here for a familiarization visit and at the same time to form an alliance because in any business you do, information is very important and NAN is number one in news in Nigeria.
He explained that the company still insured assets of the Federal Government and that government still has 15 per cent of its shares in the company.
“In Nigeria today, we are the only insurance company that insured all the students of unity schools.
“We insure them in what we call Student Welfare Scheme in which the student at the beginning of the year pays N5,000 as premium to insure the future of the student.
“If the sponsor or parent dies NICON takes over the sponsor of that child for the period of his or her stay in school.
NAN Managing Director assured NICON of its willingness to partner with the company and ensure that information about the company got to the grassroots.