Breaking News: Crisis Looms As IGI Staff Resign En-masse

by Free Insurance advice on September 16, 2012 · 3 comments

in General, Insurance in Nigeria, Insurance Industry Trends, Latest Insurance News, Titbits

Staff of Industrial And General Insurance (IGI) Plc have been resigning en-mass over what they term “unfair and inhumane employment practices”. As at the last count, more than ten employees of the Abuja branch had resigned whilst the figure at the Lagos Head office and other branches could not be immediately verified.

Trouble began when staff were asked to sign an employment bond forbidding them from leaving IGI and joining any competing business within the next three years. Employees who were  not in agreement with the new twist in their contract of employment felt it was unfair and decided to turn in their . They reasoned that since most of them had served the company for several years (three to over ten years), without promotion and salary increase for the past years, it was a callous decision by the Management.

Most of the employees who spoke to Insuranceadvicenigeria denounced the document and the high-handedness of the Management. They felt that it was a subtle way of  because “the company was having challenges settling the claims on the Head of Service Scheme.”  To them, “the best thing was to resign honourably because if we continue to stay, we would be mortgaging our future and might not be paid our benefits if we eventually want to leave.”  You would recall that the company was condemned by the House Committee on Finance at the recent public hearing for the undue delay of  the Head of Service Scheme claims”

The question on the lips of concerned observers is: how can a company which claims that “the is ours” introduce strange terms into the employment contract without justification? Efforts are on-going to get the Management to explain the reasons behind its decision as response to our enquiry is being awaited.



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{ 3 comments… read them below or add one }

Ally November 2, 2012 at 12:29 pm

I am a shareholder and for the past five years it is obvious IGI is in a mess and Gen Gowon is just sitting there praying. People do say he is a good man, but pray how can a good man sit among looters and come up clean.IGI needs a class action suit. As I write the 2011 financials is yet to be released and at the AGM the good man will be made to lie again.


Dare December 31, 2012 at 2:33 pm

IGI as a company is being poorly managed, there is no excuse for their failure. It is not a crime for a company to make loss for years, but it is the most unethical thing to do when a company refuses to release financial statements on time. I am a shareholder of IGI, and this is the only company I regretted investing into. It is a show of shame, poor leadership just the same way our politicians manage us poorly. My wish is to be able to get out of IGI as soon as feasible.


kunle kassim August 20, 2013 at 6:18 pm

Time will tell.


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