Recapitalization of Insurance Corporation Limited

Insurance Corporation Limited has announced its decision to proceed to the increase of its capital to 50 billion NGN (389 million USD) before the end of February 2007.

The first phase of this operation that targets the raising of capital by 25 billion NGN (194.5 million USD) will be achieved by means of a public purchase offer as well as by the buyout of the companies that will fail the move of recapitalisation.