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Wema Bank divests from GNI

By on April 2, 2014

WEMA Bank Plc on Monday said it had divested its majority stake in Great Nigeria Insurance Plc.

A statement by the bank quoted the bank’s Head, Brand Management and Research, Mr. Tunde Lawanson, as stating this.

Lawanson said that the new Chairman of the bank, Mr. Tokunbo Talabi, had assured shareholders of the new board’s commitment to ensuring optimum performance of the company, according to the News Agency of Nigeria.

He said, “Following the CBN directive for banks with subsidiaries to either sell off their subsidiaries or adopt a holding structure, Wema Bank Plc decided to sell her stake in the company.

“The successful bidding process, which started in 2011, led to the new ownership of Great Nigeria Insurance Plc. The new board wants to emphasis that the corporate governance policy will be strictly pursued.”

Lawanson also stated that the Managing Director of the bank, Mrs. Cecelia Osipitan, had assured that the company was now fully focused on implementing its e-engineering initiatives and customer service improvement programme.

He said that its retail products FireProof, Motorflex and Great Savers Delight, which were sold under its e-business platform, had started growing.

 

 

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