SIGA denies directing SOEs to favour SIC insurers

The State Interests and Governance Authority (SIGA) has rejected claims that it directed state-owned enterprises (SOEs) to channel insurance business exclusively to SIC Insurance PLC and SIC Life Company Limited.

Speaking in an interview with Joy FM, SIGA Director-General Michael Kpessa-White said correspondence cited by IMANI Africa was intended only to ensure the state insurers “remain at the table” during competitive insurance placements.

He explained that an earlier letter—unpublished in the think tank’s report—encouraged heads of specified entities to include SIC and SIC Life in tender processes, not to concentrate business with them.

The Director-General added that SIGA subsequently convened a meeting involving the two state insurers and private players to clarify the guidance, after which “all parties understood the position” and concerns over monopolisation were resolved.

He further suggested that some private insurers may have misrepresented the letters, noting that SIGA intends to publicly identify any such actors.

SIGA maintains that its oversight aims to safeguard state interests, promote fair competition and retain value within SOEs.

The post SIGA denies directing SOEs to favour SIC insurers appeared first on The Business & Financial Times.

Read Full Story