IEI undergoes restructuring

AS part of its corporate restructuring exercise undertaken to improve organisational efficiency, productivity and competitiveness, sound policies, the IEI inerim board have been put in place policies to revamp human resources which has necessitated a right-sizing of the work force.

In a briefing by the Interim Managing Director Mr Peter Irene said, 50 staff and 34 drivers affected by the exercise are to be given a special exit package. He said “the brand pulse at the moment portends very positive signs of growth, now and in the future. We have addressed squarely, all issues bordering on the late submission of annual financial statements. Our 2013 financial statement was approved by NAICOM while 2014, has been submitted and awaiting approval. Our external auditors are working on the 2015 financial statement with the aim of meeting the March 31st deadline set by SEC for quoted companies. We have worked hard to retain existing businesses and break into new market frontiers”.

According to him, there is no doubt that there has been a huge rebound of the IEI brand as a result of the next-level measures of success and stability employed by the Interim Board appointed by NAICOM. The major task within the period, was to quickly ascertain the vital areas of operations of the organisation that required immediate intervention and review to reposition the organisation. Such critical areas were; corporate governance issues, investment policies, prompt payment of claims, products, human resources, cost management, sales growth etc

On the turn-around measures and repositioning of IEI, the Head of Corporate Communications, Tamuno Kiri said that, “This is no small feat by the Interim Board and Management who have succeeded in boosting the brand equity in terms of meeting requirements for the submission of bids and improved turn-around time’.

The staff and Management wholly embrace the structural templates and policies introduced by the Interim Board as a panacea for the overall growth and stability of IEI Plc brand in line with its core values of Integrity, Friendliness, Dependability, Innovation, Proficiency and her aspirations to be the leading Underwriter in Energy and other General Insurance Businesses.