Shareholders of Wapic Insurance plc has applauded the speed of transformation in the underwriting firm in terms of growth and value creation since it’s taken over by new management and board of directors led by Aigboje Aig-Imoukhuede, as chairman.
Imoukhuede is a banker and finance technocrat who turned around access bank and made it leader in the financial services market.
Part of the transformation, which excited the shareholders, was the quick end to dividend drought that has pervaded the Company over the past eight years.
Speaking at its 57th Annual General Meeting held in Lagos, the shareholders including Sunny Nwosu, Boniface Okezie and Shotunde Shopeju among others said their confidence was returning on Wapic given the credibility and caliber of people in the board.
“We have kept away from Wapic AGM for a long time, but we have come back to give our solidarity having seen the level of transformation and commitment of the board to increase shareholder value, one of the shareholders stated.
Chairman, Aig-Imoukhuede in response to shareholders questions said this is a new era in the life of the Company, pointing out that necessary structures were being put in place to sustain stakeholder value.
“Our people have worked very hard to ensure the achievement of our corporate objectives and we continue to recruit high quality personnel with local and international experience to strengthen the capacity of our workforce”
Aig-Imoukhuede also during the meeting sought the approval of shareholders to approve a 3 kobo dividend, stating “I will like to express the appreciation of the board to all our shareholders for your patience given the lack of dividend for over eight years, I am confident that going forward shareholders can look forward to regular dividend payments.
Adeyinka Adekoya, managing director said “we would to strategically occupy and perform leading roles in the provision of appropriate products and delivery channels for the various segments and sectors of the market”.
Adekoya who was appointed MD/CEO in November 2015 further noted that with commitment to its goals, management will continually achieve significant growth in profitability and shareholder value.
A major outcome of the meeting was approval by shareholders, authorizing the board to commence all processes required to obtain regulatory and other necessary approvals for the adoption of a holding company group structure.
Wapic group is made of Wapic General Insurance, Wapic Life Assurance and Wapic Insurance Ghana and an associated Company, Coronation Merchant Bank.
Looking at the financials, Wapic Group recorded a gross premium written of N7.1 billion in 2015 as against N5.2 billion in 2014, a 36 percent increase.
From figure, the Company recorded a profit before tax of N1.67 billion against N58 million the previous year, indicating 2,747 percent growth, while rose from 2 kobo to 10 kobo during the review year, indicating a 400 percent increase.
Modestus Anaesoronye
