As the recapitalisation deadline draws nearer, operators are adopting every measure deemed fit to enhance their financial stability and stay in business.
It is in this light that Capital Express Assurance Limited, in compliance with the new minimum capital requirement for life insurance companies increased its authorised share capital from N7.5 billion to N8 billion.
Similarly, its Managing Director/Chief Executive Officer, Mrs. Bola Odukale, at its year end event in Lagos, disclosed that the firm is in talks with three companies for acquisition purposes so as to ascertain a seamless recapitalisation.
Odukale said the firm’s shareholders at their meeting approved Rights Issue and private placement as complementary efforts, which were part of the plans submitted to the board and NAICOM as part of its roadmap.
“We have continued to follow our plans meticulously and would continue to review the implementation until our objectives are met according to the timeline set for ourselves,” she said.
Speaking generally on the recapitalisation exercise, she stated that the company was going to concentrate on its life operations but continue to sustain its investments in viable general business firms.
She added that the number of investors interested in investing in the company’s private placement was encouraging. She informed the gathering that in 2020, the focus would be on the retail arm of the business as that was the strength of any life office.
“More investments in the area of manpower and IT infrastructure would be enhanced to meet up with the growing demands of excellent and efficient service delivery on the retail side of the business,” she said.