This was disclosed in a statement by NAICOM’s Commissioner for Insurance Directorate.
The announcement was made on Friday as NAICOM confirmed the names of the companies.
The company was originally supposed to release the full-year 2019 financial statements in March this year.
Directors typically meet to consider/approve financial statements before they are released.
The plan to increase NEM Insurance's issued share capital has long been in the works.
Today, Prestige Assurance predominantly provides accident and health insurance products and services.
Company’s shareholders now have the opportunity to increase their stake and position themselves for higher returns.
AIICO's gross written premiums for FY 2019 also increased by 33% to N50.1 billion last year
National Insurance Commission (NAICOM) recently directed all insurance firms in the country to recapitalise.
AIICO's shareholders had earlier voted in favour of a plan to raise additional capital through rights issue.