Industry Financial Services Founded 31 October 1991 Type of business Private | Website Homepage | |
Key people Yakubu GowonChairmanRemi OlowudeExecutive Vice Chairman & CEO Products Insurance, banking, investments Total assets US$338 million (NGN:53.1 billion) (2010) Subsidiaries | ||
Industrial and General Insurance Company Plc, commonly referred to as Industrial and General Insurance (IGI), is an insurance company in Nigeria. The company is a leading provider of insurance and risk management services in West Africa.
Contents
Overview
IGI is a large insurance services provider in Nigeria and through its subsidiaries, in Ghana, the Gambia, Rwanda and Uganda, with representative offices in London and Washington, DC. The company offers Insurance services as its focus investment sector, 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.
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 passed away in September 2014.
Ownership
The shares of stock of Industrial and General Insurance Company are privately owned. The detailed shareholding in the stock of the company are not publicly known at this time.
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:
Other investments
The company, either alone or together with other subsidiaries, is an investor in the following entities:
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.
Management
The Management team comprises twelve senior managers. Rotimi Fashola serves as the Group Managing Director GMD and Chief Executive Officer.