WorldStage– Staco Insurance Plc has issued a market update on the status of its recapitalisation process in line with the industry-wide requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The Company informed shareholders, the Nigerian Exchange Group (NGX), the investing public and other stakeholders that it remains actively engaged with the National Insurance Commission (NAICOM) regarding the recapitalisation exercise.
According to the update, Staco has maintained constructive engagement with NAICOM, including the NAICOM Recapitalization Committee, and has kept the Commission informed of the measures being taken to achieve compliance with the applicable minimum capital requirements.
NAICOM recently provided the Company with the Central Bank of Nigeria (CBN) account details for the statutory deposit.
In a key development, the Company has obtained NAICOM’s approval of its 2024 Audited Financial Statements and has submitted the approved statements to the Financial Reporting Council of Nigeria (FRCN).
Staco is currently engaging with the FRCN to obtain its Letter of No Objection. Once the Letter of No Objection is received, the Company intends to convene its Annual General Meeting, at which shareholders will be asked to consider and approve the outstanding audited financial statements as well as the proposed funding options to support the Company’s recapitalisation and compliance with the minimum capital requirements.
The Board and Management reaffirmed their commitment to complying with all applicable regulatory requirements and stated that they will continue to engage with NAICOM and other relevant regulators on matters relating to the Company’s capital position.
Staco Insurance Plc assured the market that it will keep stakeholders informed of any material developments in accordance with its continuing disclosure obligations under the NGX Issuers’ Rules.
The announcement was made pursuant to Rules 17.3 and 17.5(m) of the NGX Issuers’ Rules and was issued by Jackson, Etti and Edu, the Company’s Company Secretary.
