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.