AIICO Insurance Plc
A statement by Godstime Iwenekhai, NSE’s Head of Listings Regulation, said the application was submitted through its joint stockbrokers, Magnartis Finance and Investment Limited and Stanbic IBTC Stockbrokers Limited. Segun Olalandu, AIICO’s Head of Strategic Marketing and Communications Department noted that AIICO articulated a clear path to meet the new minimum regulatory capital requirement.
“In February 2020, the Company completed its private placement successfully with 38.83% of its shares snapped up by two strategic investors; LeapFrog Nigeria Insurance Holdings Limited and AIICO Bahamas Nigeria Limited , raising the share capital from N6.1bn to N11.3bn. The Rights Issue is expected to generate N3.5bn, bringing the Company closer to meeting the required minimum paid-up capital of N18 billion.
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