Mass retrenchment hits Custodian and Allied Insurance

 

Chuks Udo Okonta

Custodian and Allied Insurance Plc, last Friday retrenched many of its workers especially those absolved from the defunct Crusader Insurance Plc, Inspen has learnt.

This medium has last month, exclusively reported that the company planned to send some workers home.

It was gathered from a source that the Friday retrenchment cut across difference positions held by the workers.

Some of the workers, who were affected in the retrenchment, has before the exercise said their fates were hanging as the last disengagement was the third, since the inception of the merger which was concluded two months back.

They complained of their welfare package, noting that the severance package given to the first batch of disengaged employees before the merger was consummated was far higher than what was given to those disengaged in the new firm.

The Brand and Communications Manager of Custodian, Chukwudum Ofomata, said the merger has resulted to integration of skills, Information Technology (IT) and back office processes that will be to the advantage of the customers of the company.
He said: “Our merger has created invaluable integration of skills, information technology and back office processes. Now customers can take advantage of our increased spread, improved operational efficiencies and expanded product portfolio.

“The merger between Custodian & Allied Insurance Plc and Crusader (Nigeria) Plc leverages on 79 combined years of insurance and financial services experience.”

He stated that Custodian's strengths were its stronger balance sheet, financial capacity, improved operational efficiencies and an expanded product portfolio.

The firm has greatly expanded its scope of services with the merger with Crusader, he added.
Custodian is a wholly owned Nigerian company which seeks to develop, package and deliver innovative insurance products that best satisfy customer needs.  It operates a highly profitable, efficient, resourceful and ethical organisation that could survive well into the future and be a valuable asset to its shareholders.

Custodian’s board of directors comprises individuals with proven track records in their various fields of endeavour who bring several years of experience to bear upon the activities of the company.