An expert in the nation’s insurance industry has warned Nigerians against the “Standard Payment Investment Scheme" currently circulating on social media platforms, purporting to collaborate with underwriting companies to extort money from the public for better investment returns.
Recapitalisation is a form of corporate reorganisation, which involves making substantial changes to a company’s capital structure. It is one of the strategies companies use to improve their financial stability. Currently, the insurance industry is undergoing the process.
Experts in the nation’s insurance industry have called on Federal Government through the National Insurance Commission (NAICOM) to consider the conversion of underwriting companies that are not able to scale the recapitalisation hurdles into microinsurance underwriters.
The doyen of the insurance industry, Olola Bode Ogunlana, has advised the leadership and members of the Chartered Insurance Institute of Nigeria (CIIN) to regain Nigerians’ confidence in adopting insurance policy and benefitting fully from all it offers.