Q&A: Number of insurance companies currently making moves to raise capital from NSE

Question: How many insurance companies are currently making move to raise capital from Nigerian Stock Exchange (NSE)?

Answer: According to reports, there are 6 insurance companies currently making move to raise capital from NSE. Here is a breakdown

WAPIC Insurance PLC plans to raise N10 billion
Sovereign Trust Insurance (STI) PLC plans to raise N2 billion
Consolidated Hallmark Insurance PLC plans to raise N2.5 billion additional capital
Royal Exchange PLC plans to raise N3 billion
Mutual Benefits Assurance PLC plans to raise additional capital of N2billion
Law Union and Rock Insurance PLC plans to raise N1,031,199,000 ordinary shares of N0.50 Kobo at N0.70 Kobo per share

However, there has been an indication that shareholders might shun shares of the above firms. Facts being that most of the listed underwriting firms have failed to declare meaningful dividend on bonus to their respective shareholders in the last five years.