Industrial and General Insurance Company

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Industrial and General Insurance Company Plc (IGI)
Company type Private company
Industry Financial services
Founded1991 (1991)
Headquarters Lagos, Nigeria
Key people
Yakubu Gowon (chairman), Remi Olowude (executive vice chairman & CEO) [1]
Products Insurance, banking, investments
Total assets US$338 million (NGN:53.1 billion) (2010)
Website iginigeria.com

Industrial and General Insurance (IGI) is a Nigerian insurance company and is a major provider of insurance and risk management services in West Africa. It has subsidiaries, in Ghana, the Gambia, Rwanda and Uganda and a representative offices in London and Washington, DC.

Contents

The company's main focus is insurance services, but through subsidiary companies, it is also invested in a diverse array of other sectors, including: banking, construction, engineering, mining, real estate, telecommunications and waste management.

As of December 2010, the company's total assets were estimated at about US$338 million (NGN:53.1 billion), with shareholders' equity of about US$140 million (NGN:22 billion). At that time, IGI was the largest insurance company in Nigeria and the largest underwriter in West Africa. [2]

History

Industrial and General Insurance Company Plc was founded as a limited liability company on 31 October 1991 by Oluremi (Remi) Olowude. The company commenced business in January 1992. Remi Olowude was both founder and CEO until he died in September 2014. [3]

In January 2024, the Federal High Court of Nigeria stopped the company from holding its proposed Annual General Meeting pending the hearing of a suit filed by shareholders of the company. [4] [5]

Branch network

The company has a branch network in 45 urban locations in the majority of states in the Federal Republic of Nigeria.

Products and services

The products and services offered by IGI include the following classes of insurance and non-insurance services: [6]

Other investments

The company, either alone or together with other subsidiaries, is an investor in the following entities: [7]

Governance

The governing body of the company is the twelve-member board of directors. General Yakubu Gowon, one of the non-executive board members, is the chairman. [8]

See also

References

  1. Members of Board of Directors
  2. Ekundayo, Kayode (2012-04-24). "Nigeria: IGI Assures Shareholders of Better Future". Daily Trust (Abuja). Retrieved 2017-08-30.
  3. "Industrial & General Insurance (IGI) Plc". iginigeria.com. Retrieved 2017-08-30.
  4. "Court stops IGI AGM". PUNCH. 11 January 2024.
  5. Soyele, Olugbenga. "Court Stops IGI From Holding AGM". Leadership News.
  6. "Industrial & General Insurance (IGI) Plc". iginigeria.com. Retrieved 2017-08-30.
  7. "Industrial & General Insurance (IGI) Plc". iginigeria.com. Retrieved 2017-08-30.
  8. "Industrial & General Insurance (IGI) Plc". iginigeria.com. Retrieved 2017-08-30.