Universal Insurance Set For N10b Recapitalisation- Nigeria

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Universal Insurance Plc may soon join the firms that have met the new capital base of N10 billion ordered by the National Insurance Commission (NAICOM), the CEO, Benedict Ujoatuonu, has said.

He spoke at the April edition of the Nigerian Council of Registered Insurance Brokers’ (NCRIB) Evening.

Ujoatuonu, who assured that the exercise would be concluded shortly, added that this would be done through rights issue. He said the company has been trading with capital in far excess of N3billion.


He added that with the introduction of the new capital regime, they needed a little margin to meet the requirement.
-Businessdaily

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