National Wire About Nigerians, Nigerian Business and Other Stories
Chairman of Wapic Insurance Plc, Mr Aigboje Aig- Imoukhuede on Wednesday May 30, 2018 said the delay in declaring dividends to shareholders was due to signals they are getting from Nigeria and Ghana on capital raising, making it impossible for them to pay dividends.
He disclosed this to shareholders at the company’s 59th Annual General Meeting (AGM) in Lagos.
According to him “The board recognises the importance of dividends to shareholders. However, given the possibility of increased regulatory capital requirements in the near future, the board of directors does not deem it prudent to recommend the payment of dividends for the period ended December 31, 2017”.
Aig-Imoukhuede who was responding to shareholders questions on the company’s 2017 financial performance explained that the company is able to pay dividend, adding that they did not want to pay kobo kobo dividends. Noting that since the shareholders are requesting for dividend, the board will look into it at their next meeting.
On the company operations in Ghana, the managing director / Chief Executive Officer, Adeyinka Adekoya said the losses recorded was due to legacies issues, which they have to address. Pointing out that an executive director have been sent to supervise their operations, and he has been helping to drive business growth.
For the future outlook, Aig-Imoukhuede said taking into cognizance the macroeconomic realities such as exchange rate volatility that will shape the business landscape in 2018, Wapic pledges to navigate the business year with optimism. Adding that with January 2018 NAICOM regulatory priority for micro insurance, Wapic is set to bridges the insurance gap and cater to all cadres of the insurable public through our micro insurance investment options for low income and upwardly mobile individuals, families and businesses that are passionate about meeting specific savings and investment goals”.
