WorldStage Newsonline-- To further demonstrate its support for the reforms in the insurance sector, International Finance Corporation (IFC), a member of the World Bank Group, has provided a $12.5 million senior convertible loan to support Custodian and Allied Insurance.

Speaking at the signing ceremony in Lagos, IFC’s Senior Country Manager for Nigeria, Solomon Adegbie-Quaynor, said the loan facility would support Custodian’s expansion plans within the country and other markets, adding that it would also help the company to grow new products and market segments.

He stated that the company will further be able to improve its management capacity, including through an environmental and social management system, and governance to ensure its market position.

“Nigeria is making significant reforms in the insurance market that are creating new opportunities. IFC is supporting Custodian and Allied Insurance to encourage a strong company that can expand while improving standards of management and governance that set a standard to the industry,” he said.

Managing Director, Custodian and Allied Insurance, Mr. Wole Oshin, said the credit facility would assist the company embark on strategic expansion, stressing that the company would strengthen its processes and structure.

“We are market leader that is expanding into new markets with the help of IFC. Custodian is committed to improving its management systems to meet the challenges of new growth, which should improve our business prospects, transparency and governance,” he said.