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Staco Insurance, UK firm sign $10 million bond
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The company has also disclosed plans to return to the capital market for a public offer, in a bid to raise its minimum capitalisation to N20 billion before the end of the year. The non life firms have about N3.5 billion shareholders fund.
Staco is one of the insurance companies in the market had an easy ride in its recapitalisation during the industry reform, following the oversubscription of its private placement to the tune of over 150 percent.
Sakiru Oyefeso, managing Director of the company who disclosed this in Lagos said any insurance company that wants to remain relevant and move to the next level must continue to upgrade its capital.
“Any company that wants to remain relevant in the year 2010 must raise its capitalisation to the tune of N20 billion”.
According to him, having crossed the rubicon of recapitalisation, Nigerian insurance companies has become attractive to foreign investors to which any forward looking company must take advantage of.
Oyefeso stated that although insurance patronage is still very low, there is increased enthusiasm on the part of member of the public about insurance more than ever before, having seen that the companies now have the money to do business as well as the capacity to carry their liabilities.
The public have seen that we can meet their needs under our new status, so, is my expectation that insurance patronage will increase to the tune of 50 percent before year 2010, he said.
According to him, the economy has a lot to benefit from the present status of the industry as it is in the position now to create more employment opportunities, help in poverty alleviation, and expand to the hinterlands.
Oyefeso said the industry’s new capacity has made the industry operators more committed to social responsibly which is expected to make life more meaningful to the public.
Staco is one of the insurance companies in the market had an easy ride in its recapitalisation during the industry reform, following the oversubscription of its private placement to the tune of over 150 percent.
Sakiru Oyefeso, managing Director of the company who disclosed this in Lagos said any insurance company that wants to remain relevant and move to the next level must continue to upgrade its capital.
“Any company that wants to remain relevant in the year 2010 must raise its capitalisation to the tune of N20 billion”.
According to him, having crossed the rubicon of recapitalisation, Nigerian insurance companies has become attractive to foreign investors to which any forward looking company must take advantage of.
Oyefeso stated that although insurance patronage is still very low, there is increased enthusiasm on the part of member of the public about insurance more than ever before, having seen that the companies now have the money to do business as well as the capacity to carry their liabilities.
The public have seen that we can meet their needs under our new status, so, is my expectation that insurance patronage will increase to the tune of 50 percent before year 2010, he said.
According to him, the economy has a lot to benefit from the present status of the industry as it is in the position now to create more employment opportunities, help in poverty alleviation, and expand to the hinterlands.
Oyefeso said the industry’s new capacity has made the industry operators more committed to social responsibly which is expected to make life more meaningful to the public.
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