Niger Insurance: Concern over shareholders’ stampede at AGM
The recent stampede by shareholders of the Niger Insurance Plc at its 47th Annual General Meeting (AGM) at the Sheraton Hotel, Lagos, last Friday, has re-echoed need for the regulators to beam their search light on organization of company meetings.
Large number of shareholders of the company, having voted for audit committee members, could not wait for the result of the election, but rushed out, with some even trampled or nudged others to the ground,a development that could only precede a danger alarm.
Findings by Daily Times Nigeria revealed that shareholders, who faced no threat of any kind, descended on the buffet arranged for all participants at the entrance to the hall, leaving no gain on sight.
However, cross-section of stakeholders, who spoke to Daily Times on condition of anonymity said that the rancorous atmosphere was in line with what is experienced in some poorly organized meetings, where shareholders scramble for corporate gifts and food.
All efforts to ensure that the shareholders, who rushed outside to return to the meeting hall proved abortive, hence they were busy with the foods.
They, however, called on the regulators – National Insurance Commission, NAICOM, Security and Exchange, SEC, and the Nigerian Stock Exchange, (NSE), to harmonies regulation to guide against such developments in meetings to be attended by large number of people to forestall death through stampede.
Meanwhile, Yusuf Abubakar Chairman, of Niger Insurance, earlier in his address to shareholders, said that irrespective of the harsh economic environment, the company recorded an improved performance, unlike the preceding year when it posted loss.
Niger Insurance Plc., in its 2016 audited financial statement for the period ended 31, December, posted a gross premium written of N5.9 billion, compared to loss of N10.4b recorded in 2015.
The chairman promised shareholders that the firm’s was relying on its healthy asset base and expanded product portfolio to overcome grow earnings and reward all stakeholders remarkably.
He also assured the shareholders of the management’s commitment to grow the business. ” I also have confidence on the quality of our management team and the support of our stakeholders that gives us strength and resilience to navigate uncertainty in our operations.”
Also speaking at the meeting, the Managing Director/CEO of the firm, Kolapo Adedeji said, ”In spite of winds that characterized the operating environment up to the third quarter of the year, the company is moderately stronger with an asset base of N21.9b against the prior year figures of N20.4b, representing 7.4 per cent growth.”
The group’s total assets increased by seven per cent to N22.5b, against lost position of N20.9b recorded of 2015.
Operating profit as well recorded N99.04 million per cent compared to loss of N736m recorded in the comparable period of 2015; while Net operating profit after tax equally recorded N42.1m, against N600.9m loss, written in 2015.
