WorldStage– Regency Alliance Insurance Plc has provided an update of its recapitalisation exercise to ensure its paid up share capital meets up with the provisions of the Nigerian Insurance Industry Act 2025 to the general public and the Nigeria Exchange Limited, saying the Board of Directors approved a multi-phased capitaltaising programme comprising rights issue and a Private Placement targeted at strategic investors.
A note signed by Anu Shobo, company secretary said, “Both the Rights Issue and Private Placement were successfully completed in July 2026.
“The sum of N2,540,666,000.00 was raised from the Rights Issue, whilst the sum of N3,500,000,000.00, making a total of 6,040,666,000.00. This when combined with the Company’s existing admissible assets less the admissible liabilities will position the Company above the N15 billion minimum capital requirement for general insurance Companies prescribed by NIIRA, 2025.
“The Company with the relevant regulatory approvals has transferred the proceeds of both the Rights Issue and Private Placement to the dedicated CBN account. Approval for allotment of the shares for the Rights Issue and the Private Placement has been received from the Securities and Exchange Commission (SEC) and is being ptocessed. Relevant verification documents have been submitted to NAICOM and the Company is currently undergoing verification.
“Management wishes to place on record its appreciation to our esteemed shareholders, other stakeholders, investors, professional advisors and regulatory authorities for their support and confidence in the Company.
“The Company wishes to assure the Exchange, its esteemed shareholders and the general public of its commitment to complying with the recapitalisation directives and assures the Exchange, our esteemed shareholders and the general public that upon the completion of the verification exercise the Company will be found to have fully complied.”
