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Breaking News |  Sunu Assurances completes first phase of recapitalisation

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NAICOM, NIA disagree over recapitalisation of insurance firms

NAICOM, NIA disagree over recapitalisation of insurance firms
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By Rosemary Onuoha
The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing.
NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion. ....

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Mutual Benefits gets shareholders' nod to raise additional capital

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Mutual Benefits gets shareholders’ nod to raise additional capital
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By Rosemary Onuoha
Mutual Benefits Assurance Plc has received shareholders’ approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM.
Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to enable the company meet its new capital requirement.
At the company’s Extra Ordinary General Meeting in Lagos, Mutual Benefits Board of Directors secured the approval of its shareholders to raise N4.8 billion, by the sale of 8.9 billion ordinary shares of 50 kobo each at 54 kobo per share. This is subject to regulatory approvals. ....

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AIICO's rights issue records over-subscription

AIICO’s rights issue records over-subscription
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According to the company, this is yet another milestone achievement in its recapitalization journey.
In a statement, the company said: “Recently, the Company conducted its rights issue exercise listing 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each at Eighty Kobo (N0.80) per share, on the basis of five (5) new ordinary shares for every thirteen (13) ordinary shares held.
“The company witnessed about 126 per cent subscription, an indication of shareholders’ excitement at the opportunity and readiness to be part of the promising future.
“Shares allotted will be credited immediately to the CSCS accounts of allottees by the registrars to the issue. ....

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Only 11% of workforce is enrolled in the pension scheme – PenOp

By Rosemary Onuoha
Despite the astronomical growth recorded in the pension fund, only 11 percent of workforce is enrolled in the Contributory Pension Scheme, CPS, and the micro pension schemes and this number needs to improve, the Pension Fund Operators Association of Nigeria, PenOp, has said.
Head of Media, Communications and Branding Committee of PenOp, who is also the Chief Executive of Fidelity Pensions Limited, Mrs. Amaka Andy-Azike, disclosed this during a webinar organized for pension correspondents.
Lamenting the development, Andy-Azike said: “We plan to have a pension awareness week, like a pension fair where operators attend to individuals on the spot with media partners available for coverage. We also intend to participate in World Savings Day to drive financial inclusion as only 11 percent of the active workforce is enrolled in contributory and micro pension schemes and this number needs to improve.” ....

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