Prestige Assurance Plc is set to raise N6,817,898,003 through the issue of 13,635,796,006 shares at N.50 kobo per share, to meet up regulatory requirements and enhance its business operations.
The rights issue is part of Prestige Assurance’s recapitalisation strategy in response to the regulatory directive from the National Insurance Commission and path towards the implementation of the company’s medium-term strategy.
NAICOM has mandated a minimum recapitalisation for the general insurance business in Nigeria of N10bn in admissible share capital by September 2021 and with this, the firm has said it intends to prosecute towards becoming a top industry player over the medium term of five to seven years.
Speaking at the signing ceremony, the Chairman of Prestige Assurance, Doyin Salami, said: “We are inviting investors to our business and at the very least, we are able to say that not only have we been around for the entirety of Nigeria’s post-independence bit. We are also able to say that even at the worst time, not only have we weathered it but we have come out stronger.”
“As far as Prestige is concerned, the future is very bright. Prestige has already started the process even ahead of planning for the future. The intention over the next five to seven years is to be one of the top five insurance companies operating in the general insurance business in Nigeria.”
