Guinea Insurance shareholders back board transformation plan

Shareholders of Guinea Insurance Plc have thrown their weights behind the newly constituted board of the company chaired by Godson Ugochukwu, a legal practitioner with over 14 years of consummate legal experience.

At the company’s 58th Annual General Meeting held recently in Abuja, the chairman took the shareholders through the new boards plan to bring the company to profitability and make it competitive in the industry.

During an interactive session, Ugochukwu while reacting to a question raised by Mr. Patrick Agidua a shareholder of the company i.e. “how does the new board intend to take the company on a path of profitability?”

Ugochukwu further said “the board is currently manned by eminent personalities who have distinguished themselves in various business and professional spheres. We have decided to look inwards to elevate a deserving and competent top executive to chart a new course for the company. This is cost saving and the incentive to deliver adequately will be heightened. I am particularly happy to announce to you today that our efforts in this regard, had begun to pay off as your company turned a profit at the end of the 2016 financial year.”

To the shareholders in general, he added “the new board has instituted a corporate culture and performance metrics that is characterized by: poise, good deportment and exceptional service delivery. Year 2015 results are pedestrian and unrepresentative of our business ideals for your company. We therefore, request support from all quarters to enable us in togetherness, get your company out of the woods and guided to a path of sustained profitability

The company in 2015 reported a Gross Premium Income increase of 16.6 percent amounting to N1.01 billion as against N867.99 million recorded in 2014. Profit Before Tax increased by 226 percent amounting to N47.0 million as against N14.4 million recorded in 2014. Loss for the year decreased by 91.2 percent amounting to N7.2 million as against N81.89 million recorded in 2014. Shareholders’ Funds increased marginally by 0.12 percent amounting to N2.899 billion as against N2.896 billion recorded in 2014.

Godson Ugochukwu who have served in many top Nigerian law firms, is an established specialist in Corporate and Commercial Law and Practice; Civil and Commercial Litigation; Maritime and Environmental Law; Oil and Gas; Information Technology and Investments; Alternative Dispute Resolution; Tax; Foreign Direct Investments; Project Finance; Business Law; Regulations and Investigation; Power; Private Enquiry; Employment and Labour; Real Estate and Insurance Law.