Niger Insurance: 70% discount in the share value

Niger Insurance's board of directors has authorized a 70% reduction in the company's nominal share value.

This decision is expected to facilitate the share capitall increase of NGN 15 billion (41.6 million USD). It was following the fall of the stock market that shareholders made such a decision. They hope to complete the capital increase as soon as possible so as to comply with NAICOM's new guidelines.

In May 2019, the supervisory authority imposed new capital requirements and gave the companies a deadline of 13 months to comply with this decison.

Moreover, Niger Insurance has appointed Edwin Igbiti, former general manager of ALICO Insurance, as its deputy GM.