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Insurance firm raises capital to over N5bn

Consolidated Hallmark Insurance (CHI) Plc has raised its minimum paid-up capital to over N5 billion in line with the National Insurance Commission (NAICOM) insurance industry…

Consolidated Hallmark Insurance (CHI) Plc has raised its minimum paid-up capital to over N5 billion in line with the National Insurance Commission (NAICOM) insurance industry recapitalisation programme.

NAICOM had announced a phased recapitalisation programme. CHI belongs to the general insurance class which requires recapitalising to N5bn by December 2020 and N10bn by September 2021.

The Managing Director/CEO CHI Plc, Mr. Eddie Efekoha, at an event, said the company raised additional capital in a rights issue concluded in June 2020.

“We, therefore, added N1bn to our N4.1bn and that gave us over N5bn in minimum paid-up capital,” he explained.

“We have met the N5bn required by December 2020 and the process to do the N10bn has already started. We will not go into a merger because we are unable to raise our minimum capital.”

The President and Chairman of Council, Nigerian Council for Registered Insurance Brokers (NCRIB), Dr Bola Onigbogi, was worried that some insurance companies may die in the recapitalisation exercise. However, she said CHI should be commended.

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