AIICO Insurance Plc is planning to increase its share capital from N10 billion to N18 billion. The company made this disclosure in a notification announcing its forthcoming Extra-Ordinary General Meeting (EGM), which is scheduled to hold on Monday, October 14, 2019.
Should AIICO Insurance secure the shareholders’ approval at the EGM, the company’s share capital will increase by 80%.
In a statement that outlines the EGM’s agenda, the company made known that “the share capital will be raised by the creation of 16 billion ordinary shares of 50 kobo each, ranking pari passu in all respects with the existing ordinary shares of the Company, and the capital clause of the Memorandum and Articles of Association of the Company, will be altered accordingly.”
Nairametrics understands that AIICO Insurance’s decision to raise capital might have been reached in view of the recent increase in capital requirements by the National Insurance Commission (NAICOM).
[READ ALSO: AIICO Insurance appoints new Executive Director]
Recall that not too long ago, the National Insurance Commission (NAICOM) introduced the tier-based minimum solvency capital, a situation that was later cancelled after it was challenged in court.
Specifically, the capital requirements for life insurance firms were increased from N2 billion to N8 billion. Insurance firms underwriting general business have been mandated to shore up their capital from N3 billion to N10 billion.
Composite insurance firms, that is, firms underwriting both life and general business will raise their capital from the current N5 billion level to N18 billion. Reinsurance firms will move up from the current minimum capital of N10 billion to N20 billion.
What you should know: Insurance companies in Nigeria are currently making concerted efforts to raise their capital bases. It is expected that there will be a flurry of Rights issues, public offers, and even IPOs following this development. Just like it happened in the banking sector during Soludo’s era, some insurance companies may even need to consider mergers and acquisitions in order to meet the capital requirements.
Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC
Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.
The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.
According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.
— INEC Nigeria (@inecnigeria) October 22, 2020
Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.
#EndSARS: President Buhari issues stern warning to hoodlums
The President has issued a warning to hoodlums who have hijacked the #EndSARS protest to promote unrest.
President Buhari, in his state of the Nation address to Nigerians this evening has warned hoodlums and the conflict entrepreneurs who have hijacked the #EndSARS protest to promote unrest.
The President explained that the choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of the Constitution and other enactments.
“I must warn those who have hijacked and misdirected the initial, genuine and well-intended protest of some of our youths in parts of the country, against the excesses of some members of the now-disbanded Special Anti-Robbery Squad (SARS),” he said.
President Muhammad Buhari frowned against the desperate and inhumane actions of mobsters, arsonists and hoodlums which has led to the loss of human lives, sexual violence, attacks on correctional facilities, as well as public and private properties which were completely destroyed or vandalized.
He explained that these bad actions will not be tolerated, as it is not in line with the legitimate expression of grievance of the youth of the country. He reiterated that the Government shall continue to ensure that liberty and freedom, as well as the fundamental rights of all citizens, are protected.
What you should know from the President’s State of the Nation address
The President reiterated that the government has the obligation to protect lives and properties, and ensure that the citizens go about their daily businesses freely and protected from acts of violence.
However, he appealed to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful, and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy.
The President, however, warned the youth that doing otherwise will amount to undermining national security as well as law and order, which under no circumstances will be tolerated.
President Buhari thus called on the youths to discontinue the street protests and constructively engage the government in finding solutions, as their voices have been heard loud and clear.
#EndSARS: President Buhari tells Youths to discontinue street protests
The President has advised the protesters to discontinue the street protests, but rather, engage the government in finding solutions.
President Muhammadu Buhari has called on the #EndSARS protesters to discontinue their street protests and rather constructively engage the government in finding solutions.
The President disclosed this during his national broadcast on Thursday.
He said, “I call on our youths to discontinue the street protests and constructively engage government in finding solutions. Your voice has been heard loud and clear and we are responding.
“The choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of our Constitution and other enactments; but this right to protest also imposes on the demonstrators the responsibility to respect the rights of other citizens, and the necessity to operate within the law.
“And I call on all Nigerians to go about their normal businesses, and enjoin security agencies to protect lives and properties of all law-abiding citizens without doing harm to those they are meant to protect.”
The choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of our Constitution and other enactments; …
— Muhammadu Buhari (@MBuhari) October 22, 2020