KAMPALA NATIONAL Insurance Corporation Ltd (NICL), one of the leading providers of insurance and risk management services in Uganda, has expanded its operations to Juba, Southern Sudan. Plans are already underway for the official launch of their subsidiary company in the area, which is fast attracting many businesses. NIC, which is already operating in the region, becomes the first Ugandan insurance company to set foot in Juba, providing insurance services to meet the growing demand from the mushrooming business activities in Juba and other areas in southern Sudan.Launch NIC Managing Director Bola Ososanya said NIC has been operating in southern Sudan for a year. "We have not launched the office, but we are already providing our services. We hope to launch our office in September," Mr Ososanya said. Currently, SHIKAN, a Sudanes
SPREADING OUT: The Chairman of National Insurance Corporation, Mr Remio Olowude (L), and the Managing Director, Mr Bola Ososanya, during the re-launch press conference in Kampala. File photo
e-based insurance company owned is the only known company in the region. A statement from NIC said the move will broaden NIC's network within the region. "As southern Sudan gets back to its feet, our duty in this process is to reduce the risk of possible loss which is normally the fear of most growing economies," the statement said. "Investors tend to sow in areas where there is relative peace and an assured security for their investments. By setting up southern Sudan, NIC is targeting all businesses including public and private entities, NGOs and government agencies". According to the statement the move will enhance NIC's distribution channels to serve diverse markets with a wide range of products. "We believe that with all the risks in that economy, the community will embrace the insurance that NIC is there to provide against life's uncertainties. Our goal is position NIC as the insurance company of choice in southern Sudan," ”Mr Ososanya said.Advanced stages Plans are also in advanced stages for floating the NIC's Initial Public Offer (IPO) and listing on the Uganda Stock Exchange with January 2008 earmarked for the listing. Government is offering its 40 per cent shares to the public, 18 months after divesting the company to Nigerian-based Industrial and General Insurance Company Ltd (IGI) in June 2005. NICL has branches and agencies spread in Arua, Busia, Fortportal, Gulu, Jinja, Kapchorwa Kasese, Lira, Mbarara, Malaba, Masaka, Masindi, and Mbale.
