Wapic gets shareholders’ nod to raise N10b

Shareholders of Wapic Insurance Plc have given their approval for the firm to raise additional capital in the sum of N10 billion or its equivalent in any foreign currency. The approval was given at the company’s 58th Annual General Meeting (AGM). Members of the various shareholders associations, who spoke, said they were behind the company for the anticipated increase in capital in line with the insurance industry’s requirement. This came on the heels of the shareholders’ appraisal of the company’s ongoing transformation initiative, which they adjudged to be successful and encouraging. The company’s Chairman, Aigboje Aig-Imoukhuede, said the company intended to raise the capital by way of rights issue, public offering, placing, book building process or other methods or a combination of methods by issuance of ordinary shares, preference shares, convertible loans, stocks, medium term notes, bonds or other securities in such tranches, series, or proportions, at such coupon or interest rates, within such maturity periods and on such terms and conditions as the directors may deem fit or determine. He stressed that raising additional capital was a proactive step to get the company ready for a much-anticipated regulatory increase in the minimum capital of insurance companies.