Economy

Shareholders Okay N6.5bn for Recapitalisation of Wapic Insurance

Published

7 years ago

14/06/2019

By Modupe Gbadeyanka

Shareholders of Wapic Insurance Plc have authorised the board of directors of the company to raise additional capital up to N6.5 billion so as to meet the new recapitalisation policy of the industry’s regulator, National Insurance Commission (NAICOM).

On May 20, 2019, the agency issued a circular to insurance firms operating in Nigeria to raise their capital base within 13 months or lose their licences.

This came months’ after NAICOM had cancelled its initial tier-based recapitalisation introduced last year. Stakeholders in the sector had kicked against the policy, which forced the regulator to dump the idea.

In the new policy, NAICOM said those in the general insurance category must raise their minimum paid-up share capital to N10 billion, while those in the life insurance segment should have N8 billion instead of the former N2 billion.

Also, the non-life insurance companies are to raise theirs from N3 billion to N10 billion, while composite insurance firms must raise their capital from N5 billion to N18 billion, with re-insurance companies expected to have N20 billion instead of N10 billion.

Wapic Insurance operates in the general and life categories and would be expected to meet the requirements if it hopes to continue to operate in the country.

In order to raise its capital from N8.5 billion to N15 billion, the board proposed the creation of 13 billion additional ordinary shares of 50 kobo each, which the shareholders approved at the company’s Annual General Meeting (AGM) in Lagos recently.

Chairman of the firm, Mr Aigboje Aig-Imoukhuede, a former banker, said the decision was in the best interest of shareholders, as it will enable the company to accommodate any share capital increase.

He assured shareholders that the company will emerge stronger by the end of the recapitalisation exercise, commending NAICOM on the capital base increase, stressing that insurance business requires funding to attract the right talent, build skills and grow the business.

Managing Director of Wapic Insurance, Ms Yinka Adekoya, said going forward, the company plans to up its drive for business excellence through sustainable practices, motivated by its commitment to customer satisfaction.

“While we are hopeful about our future, we are very conscious of the realities of geopolitical and economic volatility, regulatory challenges, foreign currency pressure and customer needs and consumption pattern.

“Wapic will continue to improve and emerge stronger than ever. Our current financial performance together with our firm commitment to improving our service delivery underlines our affirmation that our efforts to date at building an institution of repute have been successful,” she said.

In the 2018 fiscal year, Wapic Insurance posted a gross written premium of (GWP) of N13.9 billion, a 42 percent increase from N9.81 billion in 2017, while the underwriting profit rose by 40 percent to N2.2 billion.

However, the group experienced an 88 percent decline in profit before tax (PBT) to close at N187 million, negatively impacted by drop in investment and other income, and the growth in underwriting and operating expenses for the period.

The company paid claims amounting to N4.96 billion, a 30 percent increase from N3.82 billion paid out in 2017, underscoring the importance it attaches to its customers towards meeting their claims obligation.

Economy

NRS Launches Unified Tax ID System

Published

48 minutes ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

3 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.