Industrial and General Insurance Plc (IGI) has announced the successful completion of its recapitalisation, a development which marks a defining milestone in the company’s transformation journey.
A statement by the company said the recapitalisation has positioned it for a new era of sustainable growth, innovation, and enhanced value-creation for all stakeholders.
The successful recapitalisation underscores IGI’s unwavering commitment to strengthening its financial foundation, expanding its underwriting capacity, enhancing customer experience, and reinforcing its position as one of Nigeria’s trusted insurance providers.
Speaking on the milestone, the Managing Director/Chief Executive Officer of IGI Plc, Mr. Akinlolu Akinyele, described the successful recapitalisation as a significant achievement that reflects the company’s resilience, strategic vision, and determination to build a stronger institution for the future.
Akinyele said, “Today marks a defining moment in the history of Industrial and General Insurance Plc. The successful completion of our recapitalisation is not merely the fulfillment of a regulatory requirement; it is a reaffirmation of our commitment to building a stronger, more resilient, and future-ready insurance company.
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“Over the past few years, we have deliberately focused on transforming our business by strengthening governance, improving operational efficiency, investing in technology, enhancing customer experience, and positioning the Company for sustainable long-term growth. The successful completion of this exercise provides us with an even stronger platform to execute our strategic ambitions and deliver greater value to our customers, shareholders, brokers, business partners, and employees.”
Mr Akinyele commended the National Insurance Commission (NAICOM) for its leadership in driving reforms aimed at strengthening the Nigerian insurance industry and creating a more resilient and competitive sector.
“We commend the National Insurance Commission (NAICOM) for its visionary leadership, steadfast regulatory oversight, and commitment to building a stronger and more sustainable insurance industry. The Commission’s reform initiatives continue to inspire confidence, promote financial stability, and position the Nigerian insurance sector for greater growth and competitiveness. We are proud to have successfully completed this important milestone in alignment with that vision.”
He also expressed appreciation to the Board of Directors for its strategic leadership, the company’s shareholders and investors for their confidence, employees for their dedication, brokers and business partners for their continued support, and customers whose loyalty and trust have remained central to the company’s transformation journey.
According to the Managing Director, the strengthened capital base will enable IGI to increase its underwriting capacity, support larger and more complex risks, deepen investments in digital innovation, expand its product offerings, and continue delivering responsive, customer-focused insurance solutions across all market segments.
“Throughout this journey, we remained focused on delivering meaningful progress and creating lasting value. We believed that consistent action would speak for itself, and today we are proud to unveil a stronger IGI, an organization that is financially stronger, operationally more agile, and fully prepared to meet the evolving needs of our customers and the marketplace.”
Looking ahead, Mr. Akinyele reaffirmed the company’s commitment to innovation, service excellence, prompt claims settlement, operational discipline, and responsible growth.
“This achievement is not the destination; it is the beginning of an exciting new chapter. We are entering this phase with renewed confidence, a stronger foundation, and an unwavering commitment to protecting what matters most to our customers while creating sustainable value for all our stakeholders.”
The company reaffirmed its commitment to upholding the highest standards of corporate governance, professionalism, transparency, and integrity as it continues to play a leading role in advancing insurance penetration and supporting economic development in Nigeria.