By Nike Popoola
Mutual Benefits Assurance Plc has acquired a licence to operate a subsidiary in Niger Republic under the name, Mutual Niger.
According to a statement from the firm on Saturday, the Group Managing Director, Mutual Benefits Assurance, Mr. Akin Ogunbiyi, disclosed this during the firm’s 18th annual thanksgiving service in Lagos.
Mutual Benefits said the new company commenced operation on January 2 this year, following an approval by the country’s insurance regulator.
Ogunbiyi said the decision to go to Niger Republic was in furtherance of the company’s expansion plan, which is targeted at enhancing shareholders’ value, and the desire to emerge as a competitive force within the African market.
He stated that Mutual Benefits realised the growth potential in Niger Republic following its discovery of several mineral resources in commercial quantities, and decided to take position to be part of the growing economy.
"If you look at a recent World Bank report, Niger has been identified as going to be the fastest growing economy in the West African sub-region in the next few years. Niger, you will recall, had in the last four to five years discovered minerals; not just discovering them, but in commercial quantities, and has become a centre of attraction for most investors in the Western world," he stated.
Ogunbiyi said it was not difficult getting the operational licence because of Mutual Benefit’s pedigree, which he noted had been tested in Cameroon, where it operates a partnership.
The managing director said the firm had proven itself as a company with integrity, professionalism, dynamism and leadership, because it picked a company that was down, and in less than three years, it moved to the top position in the Cameroon market.
"I can tell you that Mutual Benefits of last year is not the Mutual Benefits of today. The company today boasts a staff strength of 5,000 and a growth of 40 per cent in all indices in the 2013 financial year."
"In 2013, we actually recorded about 40 per cent growth in all indices," he said.
Source Punch
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