recapitalisation

Recapitalisation: NIA Urges Operators On Use Of Extension

January 23, 2020 3:23 pm

The Nigerian Insurers Association (NIA) has urged insurers to take advantage of the recapitalisation extension recently announced by the National Insurance Commission (NAICOM) to prepare well for the exercise.

The Director General of NIA, Mrs. Yetunde Ilori, who made this appeal in a statement while commenting on recent developments on the sector’s recapitalisation initiative noted that by the extension, some of the initial challenges thrown up by the first date have been addressed hence, operators now have sufficient time to comply with the directive instead of having to go into the exercise without adequate preparation and diligent execution.

Ilori added …

Nigerian Insurance Companies Get Recapitalisation Deadline

December 31, 2019 12:50 pm

The National Insurance Commission (NAICOM) has extended the recapitalisation deadline for Insurance and Reinsurance Companies earlier slated for June 30, 2020 to December 31, 2020.

A circular with No: NAICOM/
DPR/CIR/25-03/2019 /DECEMBER 30, 2019 signed by Mr Pius Agboola, Director, Policy and Regulation, NAICOM for the Acting Commisioner for Insurance, Mr Sunday Thomas, conveyed the new directive to all insurance and reinsurance companies.

It reads: “This circular is in furtherance to our earlier circulars referencedNAICOM/DPR/CIR/25/2019 dated May 20, 2019 and NAICOM/DPR/CIR/25-01/2019 dated July 23, 2019 on the above
subject matter.

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“The

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African Alliance Restates Support for Recapitalisation

December 24, 2019 5:34 am

Shareholders of the African Alliance Plc have pledged their support to the board and management of the company in the ongoing quest to reposition the firm and scale the recapitalisation hurdle specified by the National Insurance Commission (NAICOM).

The shareholders gave the support at the 50th annual general meeting (AGM) of the company held recently in Uyo, Akwa Ibom State.

Speaking to the shareholders the Chairman of the company, Dr Anthony Okocha, thanked the shareholders for their continuous faith in the business over the years.

According to him, despite the odds, the firm was rapidly on the path to …

IGI Reduces Staff Number To Meet Recapitalisation Exercise

October 24, 2019 1:45 pm

In a bid to meet up with the recapitalisation target set for the insurance industry, Industrial and General Insurance (IGI) Plc has commenced its process, by slashing its operating expenses in a restructuring exercise that will allow it meet the deadline.

The insurance firm allegedly laid-off about 60 staff recently so as to reduce cost. However, this development did not go well with the affected staff as they staged a protest last week to express their grievances over the issue.

Distressed employees warned the management to rescind its decision to retrench the majority of them or face industrial action. The …

NAICOM, Stakeholders To Brainstorm On Recapitalisation

October 24, 2019 1:30 pm

The National Insurance Commission (NAICOM) is ready to host an interactive session with shareholders’ associations of insurance firms so as to deepen engagement in the recapitalisation process.

The session, scheduled for next Tuesday in Lagos, is part of measures by NAICOM to achieve a seamless recapitalisation to the benefit of all stakeholders.

The meeting is a fallout of the ongoing recapitalisation exercise in the insurance sector and the need to provide adequate information to all stakeholders.

A statement by the Head, Commissioner for Insurance Directorate, ‘Rasaaq ‘Salami, the Acting Commissioner for …