Mrs. Cecilia Osipitan, its Managing Director, in a media briefing in Lagos, said the rumor was “a crude attempt by an unscrupulous competitor to demarket our brand and shrink its share of the annuity insurance market”.

 

“The attention of the board and management of GNI has been drawn to a publication making the round to the effect that GNI Plc and Tangerine Africa annuity businesses have been acquired by a particular insurance company.

 

“In the last five years, our annuity insurance portfolio has grown steadily by over 14,845 per cent and our annuitants have been enjoying value-added services.

 

“In view of the foregoing, there is no basis for transferring our annuity business to another company in the industry,” she said.

 

According to her, GNI has not and does not intend to sell-off its annuity business portfolio, neither does it intend to partner with any insurance company or companies in the annuity insurance market.

 

Osipitan said that the company was not in any kind of partnership or merger discussion with any insurance company regarding its annuity insurance portfolio.

 

She urged all its intermediaries and clients to disregard any information regarding the transfer or acquisition of GNI’s annuity insurance portfolio.

 

The managing director assured members of the public that the insurance firm was poised to continue in its well known tradition of delivering qualitative insurance services to its esteemed customers.

 

 GNI began operations in Nigeria in 1960.

 

It offers life, fire, personal accident, motor, money, burglary, professional indemnity and marine insurance services