WAPIC Chairman, Aig-Imoukhuede increases stake in the insurance firm

Aigboje Aig-Imoukhuede, the chairman of WAPIC Insurance Plc has acquired more shares in the insurance firm.

This was disclosed by the company in a notification sent to the Nigerian Stock Exchange and the dealing public.

According to the details of the transaction, Aig-Imoukhuede increased his stake when he acquired185,253,549 units of shares at N0.36 per unit.

The total value of the transaction, which was done on the floor of the Nigerian Stock Exchange (NSE), is about N66.691 million.

It should be recalled that in September 2019, WAPIC, through its stockbrokers, Coronation Securities Limited sought approval from the Nigerian Stock Exchange to list a Rights Issue of 15,613,194,623 ordinary shares of 50k each at 38k per share, on the basis of 7 new ordinary shares for every 6 ordinary shares held. This was in compliance with the deadline set by the National Insurance Commission (NAICOM) for insurance companies to recapitalize.

In its Q3 financial result for 2019, WAPIC recorded a profit before tax of N1.1 billion as against the N475 million which was recorded in the same period of 2018. A profit after tax of N973 million was recorded in Q3 2019 against the N287.3 million that was recorded in the same period of 2018.

WAPIC Insurance Plc, which was founded in 1958, is a leading West African full line insurance company, offering a diverse range of products and services covering life, general and specific risk businesses. It is licensed to underwrite all classes of insurance such as fire and special perils, goods-in-transit, all risk insurance and so on. WAPIC operates two business lines namely Wapic Life Assurance Limited in Nigeria and Wapic Insurance (Ghana) Limited which is in Ghana.

Also, Aig-Imoukhuede FCIB, CON is the former Managing Director of Access Bank Plc. He is the founder and Chairman of Coronation Capital Nigeria Limited and the Africa Initiative for Governance. He is the Chairman of Associated Discount House Limited, Chairman, Board of Trustees of the Financial Market Dealers Association, former President of the Nigerian Stock Exchange, first African Co-Chairman of the Global Business Coalition on Health and so on.

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