• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

Regency Alliance announces AGM date, with focus on capital raise

Emmanuel Abara Benson by Emmanuel Abara Benson
June 16, 2020
in Company News
Regency Alliance Insurance Plc
Share on FacebookShare on TwitterShare on Linkedin

Regency Alliance Insurance Plc said it will hold its 26th Annual General Meeting (AGM) in Lagos on July 6th, 2020. The time is 11 am, and shareholders are advised to elect proxies to represent them so as to minimise the number of attendees, amid the virus scare.

Meanwhile, the main business that will be discussed during the AGM is the company’s bid to raise capital in order to increase its share capital from N6 billion to N11 billion. According to a statement that was signed by the Company Secretary, Anu Shobo, this will be done through various means, including the issuance of 10 billion additional ordinary shares of N0.50 each.

During the AGM, shareholders would also be authorising the company’s directors to raise additional capital through a special placement, public offer, rights issue, or a combination of all three funding options. These funding bids could be conducted either within the country or outside of the country.

RelatedStories

Motorists urge NAICOM, Police to enforce payment of insurance claims in Nigeria  

Police arrests over 1,200 drivers for violating third-party insurance law in Oyo State  

May 14, 2025
NSE, ASI, Equity, Airtel Africa

NGX loses N25.27 billion to delisting between January to March 2025, records no new listing 

April 27, 2025

READ ALSO: Due to lack of ‘process’, NAICOM says no insurance firm has met recapitalisation requirement

“To authorise the increase of the authorised share capital of the Company from N6,000,000,000.00 to N11,000,000,000.00 by the creation of 10,000,000,000 additional ordinary shares of 50kobo each ranking pari-passu in all respect with the existing shares in the Company’s equity.

“To authorise the Directors to raise additional capital for the Company up to the amount of the authorised share capital by way of special placement, public offer with or without a preferential allotment or rights issue or a combination of any of them within Nigeria or internationally and upon such terms and conditions that the Directors may deem fit in the interest of the Company subject to Regulatory compliance and approval,” the statement said in parts.

Also during the meeting, shareholders would be voting to grant power to the company’s directors to be able to allot additional shares, in the event that the company’s proposed public offer or rights issue is oversubscribed by investors, thereby raising excess capital. Such a move would, however, be subject to the necessary regulatory approval, the statement said.

It should be recalled that earlier this month, the National Insurance Commission (NAICOM) extended (till September next year) the deadline for the insurance companies in the country to recapitalise.

READ ALSO: NSE fines NEM Insurance for contravening its Rulebook

NAICOM is requiring life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from their previous paid-up capital of N2.0 billion. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion.

Also, the regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

The recapitalisation programme was first announced in May 2019 and has since been extended more than twice. This is because many of the insurance companies have been struggling to meet these requirements. At the moment, only the top insurance firms have been able to meet the capital requirements. The deadline extension is, therefore, expected to help them comply.


Follow us for Breaking News and Market Intelligence.
Tags: Business NewsNAICOMNigerian insurance companiesRegency Alliance AGMRegency Alliance Capital RaiseRegency Alliance Insurance Plc
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

Related Posts

Motorists urge NAICOM, Police to enforce payment of insurance claims in Nigeria  
Business News

Police arrests over 1,200 drivers for violating third-party insurance law in Oyo State  

May 14, 2025
NSE, ASI, Equity, Airtel Africa
Equities

NGX loses N25.27 billion to delisting between January to March 2025, records no new listing 

April 27, 2025
Nigerian insurance industry, NIA
Legal & Regulations

IGI Plc leads as NAICOM reports 1,571 Policyholder Complaints against Insurers

March 13, 2025
Nigerian insurance industry, NIA
Business News

NAICOM urges insurers to roll out cyber insurance products in Nigeria 

February 27, 2025
Nigerian insurance industry, NIA
Legal & Regulations

NAICOM counters NCIS, warns public against unlicensed third-party motor insurance 

February 25, 2025
NAICOM calls on Nigerian insurance companies to leverage on AfCFTA for cross-border expansion 
Business News

NAICOM calls on Nigerian insurance companies to leverage on AfCFTA for cross-border expansion 

February 18, 2025
Next Post
Resident Doctors insist on indefinite strike despite interventions 

Resident Doctors insist on indefinite strike despite interventions 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • World Bank disburses N3.8 billion to boost climate adaptation in Yobe communities 
  • NCC vs MTN: AGF to decide on criminal charges facing CEO Karl Toriola 
  • NCC, REA move to cut $350 million annual diesel cost for Nigerian telecom operators 

Follow us on social media:

Recent News

World Bank disburses N3.8 billion to boost climate adaptation in Yobe communities 

World Bank disburses N3.8 billion to boost climate adaptation in Yobe communities 

July 2, 2025
Karl Toriola, MTN Nigeria

NCC vs MTN: AGF to decide on criminal charges facing CEO Karl Toriola 

July 2, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics