Managing Director and Chief Executive Officer, Nelson Akerele, disclosed this recently in Lagos that the company’s paid-up share capital has risen to over N18.7 billion,  surpassing the minimum capital requirement.

According to him, the company’s parent group in Ghana bridged the capital gap, while PricewaterhouseCoopers (PwC) has been appointed to carry out capital verification.

Akerele said the insurer intends to leverage its strengthened capital position to expand market opportunities, increase capacity and deepen customer partnerships as the industry moves into the post-recapitalisation era.

On Post-Recapitalisation Growth, he said the company is positioning itself for growth through digital innovation after successfully meeting recapitalisation requirements.

He noted that  the company has operated as a digital-first insurer since its inception five years ago and plans to deepen technology adoption across its operations.

He noted that the insurer is partnering with insurtech firms and other technology-driven organisations to expand distribution channels and improve customer experience.

Akerele said the company’s digital strategy aligns with the regulator’s push for greater digitalisation in the insurance sector and will provide a competitive advantage in the evolving market.

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The insurer will seek shareholders’ approval for the proposed fundraising and other strategic resolutions at an Extraordinary General Meeting (EGM) scheduled to hold virtually on July 15, 2026.

According to a notice filed with the Nigerian Exchange Limited (NGX), the company is proposing a public offer of 2.08 billion ordinary shares of 50 kobo each at ₦1.30 per share, subject to obtaining the requisite regulatory approvals.

The board is seeking shareholders’ authorisation to determine the terms and conditions of the offer, appoint professional advisers, execute transaction documents, and secure all necessary regulatory clearances required to complete the exercise.

Shareholders will also be asked to ratify all actions already taken by the board in connection with the proposed capital raising programme.

To facilitate the capital raise, Royal Exchange is seeking approval to increase its share capital from ₦4.63 billion to ₦5.17 billion through the creation of an additional 1.08 billion ordinary shares of 50 kobo each.

The newly created shares will rank pari passu with the company’s existing ordinary shares. The board is also requesting authority to cancel any unallotted shares or further increase the company’s share capital where necessary to accommodate future capital-raising transactions.

In addition, shareholders will consider a proposal authorising the board to allot the new shares created under the public offer at ₦1.30 per share, or at such price as may be determined by the directors, to one or more investors on terms deemed appropriate by the board.

The company is further seeking approval to amend Clause 6 of its Memorandum of Association upon completion of the equity raise to reflect the new issued share capital. The company secretary will be empowered to file all necessary documents and returns with the Corporate Affairs Commission (CAC) to give effect to the resolutions.

The proposed resolutions underscore Royal Exchange’s commitment to enhancing its financial capacity and meeting evolving regulatory and market expectations within Nigeria’s insurance industry.

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The proposed transaction forms part of resolutions to be presented to shareholders at an Extraordinary General Meeting (EGM) scheduled for July 15, 2026.

According to a notice filed with the Nigerian Exchange Limited (NGX), shareholders will be asked to note the directors’ intention to acquire and recapitalise Royal Exchange Prudential Life, a move expected to support the group’s growth ambitions and reinforce its presence in Nigeria’s insurance market.

In addition to the proposed acquisition and recapitalisation, the company is seeking shareholders’ approval to raise up to ₦2.7 billion through a public offer of 2.08 billion ordinary shares of 50 kobo each at ₦1.30 per share, subject to regulatory approvals.

The board is requesting authority to determine the terms and conditions of the offer, appoint professional advisers, execute transaction documents and obtain all necessary regulatory clearances required to complete the capital raise.

To facilitate the fundraising exercise, Royal Exchange is also proposing an increase in its share capital from ₦4.63 billion to ₦5.17 billion through the creation of an additional 1.08 billion ordinary shares of 50 kobo each.

The newly created shares will rank pari passu with the company’s existing ordinary shares, while the board is seeking authority to cancel any unallotted shares or further increase the company’s share capital where necessary to accommodate future capital-raising initiatives.

Shareholders will further consider a resolution authorising the board to allot the new shares created under the public offer to investors at ₦1.30 per share, or at such price as may be determined by the directors.

The company is also proposing amendments to its Memorandum of Association to reflect any changes in its issued share capital following the completion of the equity raise. The Company Secretary will be authorised to file all necessary documents with the Corporate Affairs Commission (CAC) and undertake actions required to implement the resolutions.

The planned acquisition and recapitalisation of Royal Exchange Prudential Life, alongside the proposed equity injection, underscore the insurer’s efforts to strengthen its financial capacity and position the group for future growth opportunities.

The post Royal Exchange Plc to Acquire, Recapitalise Royal Exchange Prudential Life appeared first on Business Today NG.

The company disclosed this at a signing ceremony involving all transaction parties held at its corporate head office in Victoria Island, Lagos. The event signalled the conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase completed, shareholders of Sovereign Trust Insurance Plc will now have the opportunity to subscribe to 2,510,848,144 ordinary shares of 50 kobo each at N2.00 per share, on the basis of three new ordinary shares for every existing holding.

The management urged shareholders to take full advantage of the offer, noting that the Rights Issue presents an opportunity to increase their stake in the company and benefit from its projected growth.

According to the Managing Director/Chief Executive Officer, Lucas Durojaiye, the company has set an ambitious growth agenda aimed at positioning itself among the top five insurance firms in Nigeria.

He noted that a strong capital base remains critical to achieving this objective, adding that full participation in the Rights Issue would strengthen the company’s capacity for expansion and long-term value creation.

“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda. We therefore call on our shareholders to fully exercise their rights and subscribe to the Rights Issue,” he said.

Durojaiye added that Sovereign Trust Insurance Plc is positioning itself to become one of the most preferred insurance companies in Nigeria, both as a service provider, an investment choice, and an employer of choice.

The Rights Issue forms part of broader efforts by the insurance sector to strengthen capitalisation, enhance competitiveness, and align with regulatory reforms under NIIRA.

The post Sovereign Trust Insurance Advances Expansion Plans with N5bn Rights Issue Signing appeared first on Business Today NG.

The Head, Communication & Stakeholders Management Sub-committee and Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu, disclosed this while briefing journalists on the outcome of the 16th edition of Insurance Industry Committee meeting, held yesterday in Lagos.

The commission said “as a company we should evaluate ourself and if there is need to raise capital we should do so by speaking to our board and shareholders ahead of RBC takeoff date. “

“The commission wants us to focus our attention significantly on the implementation of the ten years insurance industry strategic plan that we all discussed and agreed to commits to it to enable the insurance industry achieve its objectives by 2027.”

On the insurance bill 2024, she said the commission charged us to pay specific attention on the legal framework of the bill.

It is believed that the delay in passing the Consolidated Insurance Bill is pulling the plug on efforts to adopt the RBC a recapitalisation model that allows insurance companies to take risks based on the size of their capital.

The Bill, which has been in the pipeline for over 14 years, will allows the Commission to implement RBC among other important industry reforms.

Operators itself is convinced that the risk-based capital adequacy template is the best fit for the insurance industry in Nigeria.

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