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Niger Insurance to raise capital base to N10bn
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Zakariya’u told the News Agency of Nigeria (NAN) that the aim was to increase the company’s capital base from N5 billion to more than N10 billion.
He said the money realised would be used to strengthen the working capital, branch networks and information technology development.
According to him, the firm intends to achieve this through the sale of about one billion units of ordinary shares to the current and prospective investors.
“The shares we are selling are one billion units. I cannot fix the price now as we have to get the approval of the regulatory authorities to do that.
“We are targeting between N6 billion and N7 billion depending on what the price is when we get to the market,” he said.
He said the shareholders had permitted the management at its last annual general meeting in Enugu to raise its current capital base.
Zakariya’u said preparations for the offer had been concluded and would be in the market in the next two months.
He said the money realised would be used to strengthen the working capital, branch networks and information technology development.
According to him, the firm intends to achieve this through the sale of about one billion units of ordinary shares to the current and prospective investors.
“The shares we are selling are one billion units. I cannot fix the price now as we have to get the approval of the regulatory authorities to do that.
“We are targeting between N6 billion and N7 billion depending on what the price is when we get to the market,” he said.
He said the shareholders had permitted the management at its last annual general meeting in Enugu to raise its current capital base.
Zakariya’u said preparations for the offer had been concluded and would be in the market in the next two months.
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