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NGX lifts suspension on NEM as insurer completes share reconstruction exercise

The Nigerian Exchange Group (NGX) has lifted the trading suspension on Nigeria’s third-biggest insurance company by market value, NEM Insurance Plc, following the completion of…

The Nigerian Exchange Group (NGX) has lifted the trading suspension on Nigeria’s third-biggest insurance company by market value, NEM Insurance Plc, following the completion of the reconstruction exercise of its share.

It would be recalled that the suspension was placed on December 10 pursuant to the proposed share reconstruction/redenomination of the nominal value of NEM Insurance’s issued ordinary shares from N0.50 each to N1.00 each by the consolidation of every two (2) shares held by each shareholder into one (1) share.

“The nominal share value of NEM Insurance Plc shares is now N1.00,” noted the Company Secretary, Olajumoke Phillip-Akede in a statement.

She stressed that the company’s shares can now be traded.

This comes as Wema Bank Plc, one of the oldest Nigerian lenders, is set to raise up to N40 billion equity by way of Rights Issue at its Extra-Ordinary General Meeting scheduled to hold on Friday.

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