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The Managing Director/CEO of NEM Insurance, Tope Smart has said that its company will stand alone for the on-going sector’s recapitalisation as there are no plans for mergers/acquisitions with other firms.
Smart who revealed this at the firm’s Christmas Carol Concert held in Lagos, stated that the company took the decision to preserve its image.
He disclosed that the company is comfortable and has already met the new capital requirement of N10 billion for non-Life business.
While revealing that some companies have already approached him for acquisition discussions, he said the process of acquisition is cumbersome as many do not disclose their real liabilities.
“A number of companies have approached us to acquire them. But we have taken a decision not to acquire or merge with anybody because of the kind of experience, we had so far.
“One thing I have discover so far is that integrity is very scare in this part of world. People will tell you they have N2 or N3. But by the time you dig deep into their books, you will find huge liabilities. And to preserve the image and value of our company, we have decided not to merge or acquire so that we can be very focused.
“We want to do our business the way we understand it. We don’t want distractions or anything that will soil our name and brands that we have labored so much to build,” he said.
Assuring customers of better-quality services than they had been relishing, he said, the board, management and staff of the firm have been able to explore visions and initiatives to take the company to the next level.
