Cornerstone Insurance Plc almost set for capitalisation deadline
December 1st, 2006 Ugonna Maduagufor || ugonna@stockmarketnigeria.com
(by Ugonna Maduagufor)
The recent capitalisation programme embarked upon by Conerstone Insurance plc attracted N2,024,88.00 billion out of the projected N3.5 billion. This 58 percent success rate in her ordinary shares public offer cumulated the company’s capital base to N3.65billion exceeding the 3billion requirement for general insurance scheme providers. Also quite impressing, is the Augusto & company industry report(2004) released recently, presenting Cornerstone insurance plc as being among the top 9 of the 103 insurance companies in Nigeria.
The second stage of the re-capitalisation policy time table involves the verification of operators’ financial reports by the National Insurance commission (NAICOM), to be followed by a re-certification of the surviving companies that would evidently meet the re-capitalisation policy screening before February 28, 2007.
In addition to its general insurance activities, the company intends accumulating the extra N2 billion for life asssurance services either by forming an alliance with a life assurance company or simply floating her own life assurance firm through a fresh capitalization drive from “would be investors”. Prior to her public offer the company had a shareholders fund in excess of N1.56 billion and quite an encouraging record with respect to consistency in dividend and bonus share rewards. The company is evidently working towards actualizing her COFU 2010 consolidation vision, to give herself an edge in both local and international insurance market.
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