Economy
Analysts Urge Investors to Buy WAPIC Insurance N5.93bn Rights Issue
By Dipo Olowookere
Shareholders of WAPIC Insurance have been advised to partake in the rights issue of the company because the price the shares are being offered has the likelihood of yielding a 18.42 percent gain.
The company is planning to rake N5.9 billion from the exercise by offering 15.6 billion ordinary shares on the basis of 7 new shares for every 6 existing ordinary shares held as at the close of business on Thursday, September 19, 2019 at 38 kobo per unit.
According to analysts at Meristem Research, smart investors can buy the rights issue based on their projection of a net profit of N1.36 billion in the 2019 financial year, which should bring about an EPS of 10 kobo and target PE of 4.50x as well as a target price of 45 kobo.
WAPIC Insurance has said majority of the proceeds from the rights issue would be used to increase its capital base, while the remaining would be poured into its Ghana subsidiary.
Meristem Research noted that in the last five years, the insurance firm has consistently recorded double-digit growth in gross premium income and from its third quarter results, growth momentum was still sustained with a 25.55 percent rise in gross premium income.
With a strong customer retention strategy in place through innovative products designed to suit the needs of its clients, the company is projected to grow its income by 14.77 percent in FY2019.
Meristem Research, in the report, stated that, “Asides a strong revenue growth, WAPIC Insurance maintains a good claims management and cost efficiency practise in its underwriting activities. Its average claims ratio stands at 48.36 percent, as against the industry average of 59.37 percent.”
It further said the company is one of the well-capitalized firms in the insurance industry as its solvency margin (N17.48 billion) is comfortably above the existing minimum capital requirement in the industry (N5 billion).
“The non-life business segment would conveniently pull through the minimum capital requirement, given that the solvency margin of the business segment (N13.66 billion) sits comfortably above the new N10 billion minimum capital requirement for nonlife business.
“Although the life business has a weak capital base as its solvency margin (N2.27 billion) is lower the new capital requirement of N8 billion.
“The essence of this rights issue is mainly to buffer the capital base of the life business segment, we expect that the rights issue, if successful, would support the business segment, and strengthen its underwriting capacity,” the report said.
Concluding, Meristem Research said, “Given the introduction of new products in the life business segment (Commercial and SMEs), the development of its annuity business, and the restructuring of its sales strategy to include wider coverage of the retail market, we expect this capital raise to intensify the firm’s growth. Hence, we anticipate an increase in premium income and value to shareholder’s fund.”
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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