NEM Insurance Plc has appointed Idowu Semowo as the new Chief Financial Officer, CFO to manage the financial action of the firm. This was contained in a corporate disclosure filed at the Nigerian Exchange on Wednesday.
The disclosure titled ‘Notification of Appointment of New Chief Financial Officer’ and signed by the Olajumoke Philip-Akede, the company secretary stated that the appointment took effect starting 1st February 2021.
The statement reads partly, “This is to inform the Nigerian Exchange Limited (the Exchange) and the investing public of the appointment of Mr. Idowu Semowo as the new Chief Financial Officer of NEM Insurance Plc with effect from February 1st, 2021.”
In addition to being an associate of the Chartered Institute of Stockbrokers of Nigeria, the new CFO is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.
His career spans over a period of thirty years in the financial industry encompassing experiences in auditing, banking as well as stockbroking having worked with Universal Trust Bank, Magnum, MBC International Bank Limited and Kinley Securities Limited. He has also served in pivotal roles in the financial growth of NEM Insurance Plc over the years.
Even though the insurer has chosen to remain silent on the reason for the change of CFO, industry analysts have said this might not be unrelated to the need to gear up and better manage it financial position.
A cursory look at the last financial report by the insurer revealed that the third quarter of 2021 saw the insurance provider dip by 45 percent to N2.42 billion and underwriting profit also declined by 32 percent while the claims expenses recorded rose by 54 percent to N4.23 billion. The rise in claim was caused by economic disruptions, damage of properties by hoodlums, and economic uncertainties caused by the coronavirus affected the insurance company.
As stakeholders await the financial statement for the full year 2020 and subsequent quarters, many have opined that the delay and especially the change of CFO at this time, may translate into the need to restructure the company’s financial stand.