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NEM’s new office will boost insurance activities – NAICOM

By on March 31, 2015

The Commissioner for Insurance, Mr. Fola Daniel, has said the new office of NEM Insurance was a value addition that will boost insurance service in the country.

He said this during the inauguration of the new office of NEM Insurance in Lagos.

“This new head office is a value addition to the quest to better position NEM Insurance in the market and, herald a new era of improvement to services rendered by the company not only for its future growth, but more importantly for the growth and development of the Nigerian insurance industry,” he said.

Daniel noted the valuation model under the International Financial Reporting Standard adopted in measuring the land and building at every reporting period in the financial statement should give a true and fair view of the value of the assets.

He said the financial analysts of NEM informed him that the acquisition of the building would increase the liquidity asset of the company to 28 per cent and reduce the management expense on rentals which seemed to give the company a bit of legroom.

Daniel said the Nigerian insurance landscape was undergoing a rapid transformation which called for all hands to be on deck to enable the industry to occupy its rightful position in the financial services sector.

The Managing Director, NEM Insurance, Mr. Tope Smart, said the journey of the project started with a dream on how it could contribute its quota to the development of the industry.

“The board of NEM as well as the management see this building not just as NEM building but rather a way of building confidence in the minds of the public and which will ultimately lead to a better image of the industry,” he said.

The Chairman, NEM, Chief Adewale Teluwo, said the firm financed the building with its resources.

“We are very prudent with our resources. Insurance worldwide is seen as a conservative business and we have adopted this model of operation but with customer satisfaction as our emphasis,” Teluwo said.

 

 

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