INSPENONLINE: Staco gets shareholders' nod to raise N3bn capital

Wednesday 19 February 2014

Staco gets shareholders' nod to raise N3bn capital

Chairman Staco Insurance Plc, Oritsedere Otubu and Managing Director, Sakiru Oyefeso at the event in Lagos.

Chuks Udo Okonta

Shareholders have given Staco Insurance Plc the go ahead to raise additional capital up to a maximum of N3 billion through rights issues or public offer.

The approval was granted today Wednesday at the company’s annual general meeting in Lagos.

The shareholders unanimously endorsed the request which was presented by the firm’s Chairman Oritsedere Otubu, to enable the company expand its business frontiers.

Otubu also disclosed that the firm made a gross premium of N6.8 billion in 2012, as against N6.48 billion recorded in 2011. He said the net premium rose from N5.99 billion in 2011 to N6.28 in 2012. While underwriting result was N3.12 billion in 2012 from N3.06 billion in 2011.

He noted that profit before tax and exceptional item rose to N310.76 million in 2012, from a loss of N462.97 million in 2011.

He said: “The adoption of International Financial Reporting Standard (IFRS) in the preparation of our financial statements, necessitated adjustments that impacted on the capital base of our company. This has given rise to the need for adequate capitalizations to position our company in good stead to compete favourable in the Nigerian insurance sector.”

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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