The move, aimed at closing the gaps in the required share capital in line with the new minimum threshold, is yielding positive results for some. The underwriter, being a composite underwriting firm, needs to upgrade its capital to N18 billion to continue to operate beyond June 2020. Similarly, General insurance companies are to raise their capital base to N10 billion from N3 billion, even as Reinsurance will now need N20 billion capital base to operate in Nigeria. “So, we took the decision of selling the property and we made handsome profit from it. According to him, the fund pooled in the recapitalisation would enable operators to undertake good underwriting; make good investment; deploy robust technology and develop human capital.

Source: The Guardian December 30, 2019 02:15 UTC