Prestige Assurance targets N6.8bn from ongoing Rights Issue -

Prestige Assurance Plc is currently in the market shopping for about N6.81billion from its existing shareholders in Rights Issue which opened Monday, August 10 till Thursday, September 17, 2020.

The insurer’s Rights Issue of 13,635,796,006 ordinary shares at 50 kobo each is on the basis of 38 new ordinary shares for every 15 ordinary shares held by existing shareholders.

The Rights Issue is part of Prestige Assurance’s recapitalisation strategy in response to the regulatory directive from the National Insurance Commission (NAICOM) and path towards the implementation of the company’s medium-term strategy.

NAICOM has mandated a minimum recapitalisation for the general insurance business in Nigeria of N10 billion inadmissible Share Capital by September 2021 and with this, the firm has said it intends to prosecute towards becoming a top industry player over the medium term of 5 to 7 years.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.