Industrial and General Insurance Company

Industrial and General Insurance Company, commonly known as IGI, is a Nigerian insurance and risk-management group established in 1991 by Oluremi (Remi) Olowude. The company began conducting business in January 1992 and developed from a Nigerian insurer into a regional financial-services and investment group with interests in several African markets. Its core business has been insurance. The portfolio described for IGI includes individual and group life assurance, general business insurance, aviation, engineering, marine, oil and energy, and global health coverage. These lines place the company across both retail and institutional insurance, with products serving individuals, employers, commercial organizations, infrastructure projects, transport operators, and energy-related businesses. IGI has also operated through a broad Nigerian branch network, reported as covering 45 urban locations in most states of the federation. The group’s regional profile was built through subsidiaries, shareholdings, and related companies. Its interests have included National Insurance Corporation in Uganda, where IGI was identified as the majority shareholder; SONARWA in Rwanda, where it held a controlling interest; and insurance operations in Ghana and The Gambia. The group also had representative offices in London and Washington, D.C. These activities gave IGI a presence beyond Nigeria while supporting its positioning as a West African insurance provider rather than a purely domestic carrier. IGI’s activities have extended beyond underwriting. The group or associated subsidiaries have been connected with banking, savings and loans, pensions, health management, communications, construction, engineering, mining, real estate, telecommunications, and waste management. Its investment links included Global Trust Bank in Uganda, which later failed in 2014, as well as interests connected with DFCU Group. Other named entities associated with the group include Monarch Communications, Global Trust Savings and Loans, IGI Pension Fund Managers, International Health Management Services, All Crown Registrars, and IGI-branded insurance operations in Ghana and The Gambia. At the end of 2010, reference material identified IGI as the largest insurance company in Nigeria and the largest underwriter in West Africa at that time. The same material reported approximately US$338 million in total assets and approximately US$140 million in shareholders’ equity, with naira equivalents of NGN53.1 billion and NGN22 billion respectively. Those figures are historical and should not be treated as current financial information. Olowude served as founder and chief executive until his death in September 2014. The company’s governance has been described as being overseen by a twelve-member board, with former Nigerian head of state General Yakubu Gowon identified as a non-executive chairman. In January 2024, the Federal High Court of Nigeria reportedly restrained the company from holding a proposed annual general meeting while it considered a suit brought by shareholders. This proceeding creates uncertainty about the company’s current governance and operating status; the available material does not establish whether IGI remains active in its former structure or how its business has subsequently changed.

Industrial and General Insurance Company was incorporated as a Nigerian limited liability company on 31 October 1991 by Oluremi (Remi) Olowude. It commenced business in January 1992, entering a Nigerian insurance market with an operating model centered on underwriting and risk management. Olowude remained both founder and chief executive for more than two decades, until his death in September 2014. The company’s insurance activities expanded across life and non-life categories. Its listed offerings included individual life, group life, general business, aviation, engineering, marine, oil and energy, and global health insurance. This mix enabled IGI to address personal protection as well as large commercial and industrial risks. In Nigeria, the company developed a branch network reported to include 45 urban locations across most states of the federation. IGI subsequently pursued regional expansion and diversification. Its international insurance interests included subsidiaries or associated companies in Ghana, The Gambia, Rwanda, and Uganda, together with representative offices in London and Washington, D.C. In Uganda, IGI was identified as the majority shareholder of National Insurance Corporation, described in the reference material as the country’s largest insurance company. In Rwanda, it held a controlling interest in SONARWA, while Ghanaian operations included Industrial and General Insurance Company (Ghana) Limited and IGI Life Assurance Ghana Limited. The group also operated IGI Gamstar Insurance Company in The Gambia. The group’s strategy was not limited to insurance underwriting. Through subsidiaries and affiliated investments, it participated in banking, savings and loans, pensions, health management, communications, construction, engineering, mining, real estate, telecommunications, and waste management. Its financial-sector interests included Global Trust Bank in Uganda, jointly owned by IGI and National Insurance Corporation, and a minority connection to DFCU Group through the Ugandan subsidiary. Global Trust Bank later failed in 2014, after which DFCU Bank acquired its deposits and viable assets. Other entities associated with IGI included Monarch Communications, Global Trust Savings and Loans, All Crown Registrars, IGI Pension Fund Managers, and International Health Management Services. These holdings reflected an effort to build a diversified group around insurance and related financial or business services. By December 2010, reference material characterized IGI as Nigeria’s largest insurance company and West Africa’s largest underwriter. It reported historical total assets of approximately US$338 million and shareholders’ equity of approximately US$140 million. The figures were presented with naira equivalents and relate specifically to that period. The company was governed by a twelve-member board. General Yakubu Gowon was identified as a non-executive board member and chairman. Following Olowude’s death, the available reference material does not provide a complete succession history or a verified account of the company’s later management. In January 2024, the Federal High Court of Nigeria reportedly prevented IGI from holding a proposed annual general meeting while hearing a suit filed by shareholders. Because the available sources do not clarify the outcome of that proceeding or the company’s present corporate condition, its current status is recorded as unknown.

1. 2024Court blocks proposed annual general meeting

   The Federal High Court of Nigeria stopped IGI from holding its proposed annual general meeting pending a shareholder suit.

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2. 2014Founder dies

   Founder and long-serving chief executive Remi Olowude died in September 2014.

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3. 2014Global Trust Bank fails

   Global Trust Bank in Uganda, jointly owned by IGI and National Insurance Corporation, failed; DFCU Bank acquired its deposits and viable assets.

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4. 2010Reported regional insurance leadership

   As of December 2010, IGI was described as Nigeria’s largest insurance company and West Africa’s largest underwriter, with approximately US$338 million in assets and US$140 million in shareholders’ equity.

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5. 1992Business operations begin

   IGI commenced business in January 1992, initially focusing on insurance services and risk management.

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6. 1991Company founded

   Industrial and General Insurance Company was founded as a Nigerian limited liability company by Remi Olowude on 31 October 1991.

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A broad-based Nigerian and West African insurer serving individual, corporate, industrial, infrastructure, energy, and institutional customers, supplemented by regional subsidiaries and investments in adjacent financial and industrial sectors.

• Individual Life ProductsLife insurance

  Individual life products provide personal life-assurance protection for policyholders. The available material identifies this as one of IGI’s principal product classes, but does not specify individual policy designs, benefits, premiums, or distribution channels.

• Group Life ProductsLife insurance

  Group life products serve employers and other organizations seeking life coverage for defined groups of members or employees. The sources confirm the product class but do not provide detailed terms or named plans.

• General Business InsuranceCommercial insurance

  IGI’s general business insurance activities cover commercial risks outside the specialist aviation, engineering, marine, and energy categories. The available reference does not enumerate the specific policies included in this class.

• Aviation InsuranceSpecialty insurance

  Aviation insurance is a specialist line within IGI’s commercial underwriting portfolio. It indicates capacity to insure aviation-related assets or liabilities, although the sources do not state the precise risks, customers, or policy structures offered.

• Engineering InsuranceSpecialty insurance

  Engineering insurance addresses risks associated with engineering works, equipment, or projects. IGI lists it among its insurance services, but the reference material does not provide further product specifications.

• Marine InsuranceSpecialty insurance

  Marine insurance forms part of IGI’s non-life portfolio and is intended for marine-related commercial risks. No detailed information about cargo, hull, liability, or other subcategories is supplied by the sources.

• Oil and Energy Insurance ServicesEnergy insurance

  Oil and energy insurance is a specialist offering aligned with the industrial and extractive sectors in which IGI has operated. The source material confirms the line but does not specify coverage scope, clients, or underwriting limits.

• Global Health Insurance PlanHealth insurance

  The Global Health Insurance Plan is identified as an IGI health-related insurance offering. Available information does not establish its precise geographic coverage, benefits, eligibility rules, or current availability.

• 2024Proposed annual general meeting halted by court orderOther

  Shareholders filed a suit concerning the company, and the Federal High Court of Nigeria considered the matter in connection with a proposed annual general meeting.

  What changed. The court stopped IGI from holding the proposed meeting pending the hearing of the suit.

  Aftermath. The available material does not report the final outcome of the litigation or the subsequent status of the meeting.

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• 2024Federal High Court halts proposed IGI annual general meeting

  The Federal High Court of Nigeria stopped Industrial and General Insurance Company from holding its proposed annual general meeting pending consideration of a shareholder lawsuit.

  LawsuitRegulationOther
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• 2014Founder and chief executive Remi Olowude dies

  Remi Olowude, who founded IGI and led it as chief executive from its establishment, died in September 2014.

  Leadership change
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• 2014Global Trust Bank in Uganda fails

  Global Trust Bank, an institution jointly owned by IGI and its Ugandan subsidiary National Insurance Corporation, failed. DFCU Bank acquired the deposits and viable assets.

  BankruptcyRegulationOther
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1. Industrial and General Insurance Company