Following regulatory and legal approvals of the business combination between Custodian and Allied Insurance Plc and Crusader Nigeria Plc, the merged entity known as Custodian and Allied Plc, has embarked on restructuring of the organisation.
The firm said in a statement that it involved the integration of skills, information technology, harmonisation of products and services, and back office processes, which would be to the advantage of customers.
The firm said it was therefore imperative to reassign and release some employees who were due for retirement, to ensure a perfect fit for the various job portfolios, while those retained would be properly integrated into the company and would benefit from the restructured remuneration.
It said the board of directors and management expressed gratitude to the retired workers for their contributions over the years, towards the growth and development of the company.
All affected personnel, the firm stated, would be duly compensated with their respective entitlements.
The Head of Directorate, Administration and Corporate Affairs, Custodian and Allied Plc, Mrs. Olubunmi Aderemi, said, “Whilst this is a tough decision, management has had no choice but to take the necessary action that would enhance shareholder value. This will facilitate reduced overheads through the effective use of operational synergies resulting from the merger, thus creating a stronger company with multi-product offerings for customers.”
Aderemi added that management was appreciative of the staff, who had put in several years of work and that counselling services, referral opportunities and general assistance had been provided for affected staff.
According to her, the merger will strengthen the insurance business of the post-merger Custodian by leveraging on the company’s liquidity, brand, expertise and combined products and market capabilities of both companies.