Economy
NEM Insurance Seeks Shareholders’ Approval to Raise N2.6bn
By Modupe Gbadeyanka
The board of NEM Insurance Plc has said it plans to raise an additional capital aimed to improve operations of the company.
In a statement issued by the firm, it was disclosed that the amounted needed for now is about N2.640 billion, which would be raised through issuing of additional shares of the insurer.
NEM Insurance said it wants to issue new 1.056 billion ordinary shares of 50 kobo each at N2.50k per unit by a Special/Private Placement.
However, before this can be done, the board is seeking authorisation of shareholders of the company.
This approval would be sought at the Annual General Meeting (AGM) of the firm slated for Tuesday, June 25, 2019 at the Federal Palace Hotel, Lagos.
“That on the recommendation of the directors, the shareholders hereby authorise the directors to raise additional capital through the issuance of not more than 1,056,000,000 ordinary shares of 50 kobo each, at N2.50k per share by way of a Special/Private Placement.
“That the shares proposed to be issued pursuant to the above resolution and the rights attaching thereto shall rank at least pari passu with the ordinary shares held by the existing shareholders in the company.
“That the shareholders hereby waive their pre-emptive rights under Article 43 of the Company’s Articles so as to enable the Special/Private Placement to proceed.
“That for the purpose of giving effect to the above, the board be and is hereby authorized to agree, make and accept all such term(s), condition(s) and modification(s) as it may deem fit, including, condition(s) and modification(s) stipulated or required by any relevant authorities and to seek all requisite approvals from the appropriate authorities, appoint consultants and advisers, finalize and execute all agreements or documents and to do all acts, deeds and things in this connection and incidental as the board in its absolute discretion may deem necessary and expedient for the purpose of the Special/Private Placement without being required to seek any further consent or approval of the members or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of this resolution,” the board said in a notice.
It was further disclosed during the AGM, shareholders will also be asked to amend the company’s Articles of Association by including a new Article 52, which states that, “The company may give notice of its Annual General Meeting and other statutory notices, its balance sheet (including every document required by law to be annexed thereto for consideration at the company’s General Meetings) in hard print or electronic format to any person entitled to receive such notices, either by sending them by post to the person’s last known registered address or by electronic mail to his/her last known electronic address.”
They will further authorise the changing of Article 52 to 53 and will then contain the clause “The accidental omission to give notice of a meeting or the non-receipt of notice of a meeting by any person entitled to receive notice shall not invalidate the proceedings at any meeting.”
Business Post reports that this amendment followed an issue the insurance company had with one of its shareholders last year.
In June 2018, the insurer held its AGM, but a number of shareholders including Eaton Acquisitions, Premium Green Limited, Starvest Limited, Three Sea Investment Limited and Oluwaseyilola A. Ojo notified the Nigerian Stock Exchange (NSE) of an infraction by NEM Insurance, claiming that the insurance company did not follow the laid down rules by notifying them of the planned AGM.
As a result, the aggrieved shareholders asked the regulators to invalidate the meeting as well as all the resolutions reached at the AGM, including the resolution to raise additional capital through a private placement at a price below the market price of NEM Insurance stock.
This request was granted by the Securities and Exchange Commission (SEC) and it directed the board of NEM Insurance to reconvene the 48th AGM, with proper notice given to shareholders in line with extant laws.
At the next month’s meeting, the board will present to shareholders the Annual Financial Statements of the company for the year ended December 31, 2017 and Reports of Directors, the Auditors Report thereon and Audit Committee’s Report.
By Adedapo Adesanya
The federal government says Nigeria is targeting gas production of 10 billion standard cubic feet per day (bscfd) by 2030, positioning natural gas as a cornerstone of national energy security and economic prosperity.
The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, said this while delivering a ministerial address at the ninth Nigeria International Energy Summit (NIES) 2026 in Abuja.
The Minister said the government’s efforts were yielding tangible results, with Nigeria’s gas production maintaining an upward trajectory in 2025, averaging between 7.5 and 7.6bscfd.
He disclosed that domestic gas supply exceeded two bscfd for the first time, marking a historic milestone for power generation, industrial use and household consumption.
The Minister also said significant progress in environmental performance, with gas flaring reduced to some of the lowest levels recorded in recent years, in line with Nigeria’s commitment to end routine gas flaring by 2030.
He noted that investor confidence in the gas sector had been strengthened, citing Final Investment Decisions (FIDs) in key upstream gas projects supported by improved regulatory clarity under the Petroleum Industry Act (PIA).
“Across the midstream and downstream segments, pipeline infrastructure, processing facilities and gas-to-power projects have expanded, improving connectivity, boosting domestic utilisation and supporting cleaner cooking solutions, job creation and industrial stability.
“Under President Bola Tinubu’s Renewed Hope Agenda, government policy prioritises the expansion of domestic gas infrastructure while strengthening Nigeria’s presence in regional and global gas markets.
“This includes facilitating investments in gas processing, storage and distribution, as well as accelerating gas-to-power projects aimed at addressing energy poverty and enhancing industrial competitiveness,” he said.
The minister emphasised that Nigeria’s energy future was inseparable from peace, partnership and shared responsibility, calling on governments, investors, development partners, host communities and civil society to move from dialogue to decisive action.
“Our collective task is to build an energy system that powers prosperity, strengthens stability and supports regional integration,” he said.
He said Nigeria’s energy strategy is firmly aligned with global energy transition realities while responding to Africa’s unique development challenges, including widespread energy poverty, limited industrial capacity and inadequate access to reliable power.
“While the world moves towards lower-carbon systems, Africa must pursue a transition that is not only green, but also just, inclusive and development-driven.
“Nigeria is leveraging its abundant natural gas resources to balance climate responsibility with economic development, positioning gas as the backbone of industrial growth, job creation and expanded energy access,” he said.
By Aduragbemi Omiyale
The 2025 Made of Africa Awards, hosted by Nigerian Exchange (NGX) Group Plc, paraded an array of winners, including brokers, issuing houses, trustees, fund managers, listed companies, and other market participants.
The event was to reward excellence in value delivery, compliance, and market impact, with Transcorp, the Debt Management Office, CardinalStone, Chapel Hill Denham, and MTN Nigeria Communications as recipients.
Business Post reports that the other recipients were First Trustees Limited as the Best Trustees in Terms of Deal Value, Legend Internet as the Market Debut Excellence award winner.
Further, CardinalStone Securities emerged as Equity Trader of the Year and Broker of the Year, Capital Express Securities won ETPs Trader of the Year, and Stanbic IBTC Stockbrokers was named Fixed Income Trader of the Year. Chapel Hill Denham received awards for Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment Transactions.
Mainstreet Capital and APT Securities and Funds jointly won Issuing House with the Highest Number of Primary Market Equity Transactions, while Anchoria Advisory Services led in corporate bond issuances. Dangote Cement was named Best Issuer in Terms of Fixed Income Listings, BUA Cement received the award for Most Compliant Listed Company, and Transnational Corporation Plc was honoured for Capital Market Excellence in Equity. Network Capital was named the Most Compliant Trading License Holder, United Capital Securities won the Best Sponsoring Trading License Holder and Banwo and Ighodalo received recognition for legal advisory value in capital market transactions.
Special recognition went to the Debt Management Office for fixed income market development and to the Capital Markets Correspondence Association of Nigeria for capital market reporting, and Lambeth Capital/Bamboo Systems Technology were recognised for onboarding the highest number of new retail investor accounts.
The chairman of NGX Group, Mr Umaru Kwairanga, said the awards underscore the role of market stakeholders in strengthening investor confidence and improving market standards.
“Their achievements set a benchmark for performance, integrity and innovation across the capital market,” he said, adding that sustaining this level of discipline and transparency is essential to maintaining the trust of both domestic and international investors in Nigeria’s financial markets.
The chief executive of NGX Group, Mr Temi Popoola, said, “Operational efficiency and cooperation across the ecosystem are increasingly important as trading activity diversifies and investor expectations continue to rise.”
On his part, the Executive Commissioner for Operations at the Securities and Exchange Commission (SEC), Mr Bola Ajomale, said the awards underscore the value of compliance and transparency in market development.
“Recognition through the Made of Africa Awards reinforces the importance of adherence to market rules and standards. When operators demonstrate accountability and professionalism, it strengthens investor confidence, ensures market integrity, and supports sustainable growth across Nigeria’s financial markets,” he said.
The chief executive of NGX Limited, Mr Jude Chiemeka, said recognising strong performance across the ecosystem supports deeper market participation and long-term capital mobilisation.
By Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
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