The Nigerian Council of Registered Insurance Brokers (NCRIB) president, Mr Rotimi Edu, has said the good score for merger which makes it a necessity for business growth and expansion dims in appeal to Nigerians because of cultural perception.
Reacting to a question on merger in the insurance market including brokers at media briefing in Lagos, Edu said merger is not a bad idea but it has run into drawback in Nigeria and most business executives and investors do not see it as a trending factor to restructure businesses. In developed market, he said its a constant feature and done seamlessly but a reverse in the local market because of directors disagreement.
He said despite its necessity its not yet a priority and this state of affairs he explained, denies businesses that should have it the capacity to reform and restructure for expansion, profit and cutting edge service.
He said merger if considered it would make the industry stronger and increase the life span of the company far beyond the age of the promoters and the expansion of the company beyond present limit would become a reality.
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