'NIC, MUK relations still intact'

Dec 20, 2009

NATIONAL Insurance Corporation (NIC) and Makerere University Kampala (MUK) are still business partners despite a recent disagreement, a top official said recently.

By David Ssempijja

NATIONAL Insurance Corporation (NIC) and Makerere University Kampala (MUK) are still business partners despite a recent disagreement, a top official said recently.

Dr. Segun Okinwale, the NIC managing director, explained that their relationship with MUK was still as cordial as it used to be before they disagreed over the university’s deposit administration plan (DAP).

The two institutions quarrelled over the actual value of the DAP funds. Whereas NIC said the total DAP funds amounted to sh13b, MUK put it at sh17.1b as at December 31, 2008.

The university board of trustees even served the insurer with notice to sue, demanding that NIC either pays up sh17.1b by October 2, 2009 or face legal consequences.

However, Okinwale observed that despite the disagreement, there were no business fences broken yet.

“I need to assure you that our relations with Makerere University are still intact. They still consider us their esteem insurers and we consider them our highly-valued clients,” noted Okinwale.

“These are normal business challenges. It is true we have problems with Makerere University but we are
professionally rectifying issues between ourselves as two reputable institutions.

“There are likely positive results from our negotiations,” he added.Okinwale was addressing members of
the local insurance brokers fraternity at a NIC cocktail at the Kampala Serena Hotel.

He briefed the brokers of NIC’s successes in 2009. The brokers also discussed industrial challenges and how they can be confronted together.

(adsbygoogle = window.adsbygoogle || []).push({});