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Cash woes: FG after dormant accounts, unclaimed dividends

Cash woes: FG after dormant accounts, unclaimed dividends
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…Bankers surprised, unaware
“From the commencement of this Act, any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the Unclaimed Funds Trust Fund.”
FINANCE ACT 2020, SECTION 77, 1-3
By Babajide Komolafe, Nkiru Nnorom, Rosemary Onuoha & Elizabeth Adegbesan ....

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NAICOM waives enforcement of first phase of recapitalization -

INSURANCE
Following an Interim Injunction from the High Court to suspend the recapitalization of insurance companies, pending the determination of the suit challenging the process, the National Insurance Commission (NAICOM) said it has complied with the court order and will waive the initial mandate given to companies to meet up with half of the recapitalization directive by the last day of the year.
“The first phase of the recapitalisation of insurance and reinsurance companies would have been concluded yesterday, as it is customary, by 12 midnight.“Spokesperson of NAICOM, Mr. Rasaaq Salami, who disclosed this said: “You are aware that the issue is in court and there is an interim order of the Court. NAICOM being a responsible and law abiding organisation will respect the order of the court.” ....

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Breaking News |  Sunu Assurances completes first phase of recapitalisation

The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing. ....

Rosemary Onuoha , Samuel Ogbodu , Sunu Assurances Nigeria Plc , Sunu Assurances , Assurances Nigeria Plc , Chief Executive Officer , Diaspora Remittances , ரோஸ்மேரி ஓன்ுோா , சுனு உத்தரவாதங்கள் நைஜீரியா ப்ல் , சுனு உத்தரவாதங்கள் , உத்தரவாதங்கள் நைஜீரியா ப்ல் , தலைமை நிர்வாகி அதிகாரி ,

NAICOM, NIA disagree over recapitalisation of insurance firms

NAICOM, NIA disagree over recapitalisation of insurance firms
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By Rosemary Onuoha
The National Insurance Commission, NAICOM, and the Nigerian Insurance Association, NIA, have disagreed over the appropriate recapitalisation model for insurance firms.
While NAICOM has stipulated the general capital requirements for the different categories of the insurance business and mandated that operators must meet the requirements by December 2021, the NIA is canvassing for Risk Based Capital, RBC, arguing that this will make the insurance industry attractive to investors and save about N77 billion payout as cost of recapitalizing.
NAICOM mandated life insurance firms to raise their minimum paid-up capital of N8 billion, up from N2 billion; general insurance companies are to increase their paid-up capital to N10 billion from N3 billion. ....

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Mutual Benefits gets shareholders' nod to raise additional capital

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Mutual Benefits gets shareholders’ nod to raise additional capital
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By Rosemary Onuoha
Mutual Benefits Assurance Plc has received shareholders’ approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM.
Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to enable the company meet its new capital requirement.
At the company’s Extra Ordinary General Meeting in Lagos, Mutual Benefits Board of Directors secured the approval of its shareholders to raise N4.8 billion, by the sale of 8.9 billion ordinary shares of 50 kobo each at 54 kobo per share. This is subject to regulatory approvals. ....

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