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Mainstreet Bank Insurance Brokers becomes AfriGlobal


Mainstreet Bank Insurance Brokers Company Limited, has transmuted to AfriGlobal Insurance Brokers Limited.

The change of the old brand, formerly owned by Skye Bank, followed the directive by the Central Bank of Nigeria (CBN), directing all financial institutions to divest their non-banking subsidiaries.

During the unveiling of the new company and its corporate identity at the weekend in Lagos, the Managing Director/Chief Executive Officer, Cassie Chibuzor Azubuike, said the firm had undergone three phases of ownership from the defunct Afribank through Mainstreet Bank to Skye Bank.

He pledged that the new independent entity is poised for better service delivery, as it boasts of a crop of experienced and well groomed professionals that could compete favourably with their counterparts globally.

Azubuike recalled that the journey had been very painstaking and rewarding, adding that the new organisation, whose chequered foray began on March 23, 1988, when it registered as Afribank Insurance Brokers Company Limited, and determined to play globally.

Hinting that the new firm has been licensed to undertake all classes of insurance and reinsurance risks, the AfriGlobal boss described the industry in Nigeria as growing and stable, citing its robust capitalisation, which he contended, competes well with the banking sector.

On why the strategic sub-sectors of the national economy like the oil and gas, maritime, and the likes are still being underwritten by foreign brokers, he clarified that insurance business all over the world is international by nature.
Azubuike added that “there are even businesses in Africa and Europe that are reinsured here in Nigeria. To enhance capacity, that is why we have reinsurance.”

He lauded the Lagos State Government for continually putting the compulsory insurance policy on the front burner, adding it is ensuring that every building above two floors is insured against collapse, fire, and related risks through its safety commission.

The agency’s Director General, Hakeem Dickson, pledged collaboration with brokers and the National Insurance Commission (NAICOM), to institutionalise safety in the polity.

The Commissioner for Insurance and special guest of honour, Muhammadu Kari, represented by Segun Farinmo, charged the firm to sustain the goodwill of the brand.

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