STACO MOVES CLOSER TO COMPLETING INSURANCE RECAPITALISATION

Staco Insurance Plc has taken further steps towards meeting the regulatory capital requirements for insurers after securing approval from the National Insurance Commission for its 2024 audited financial statements.

The insurer said it had submitted the approved accounts to the Financial Reporting Council of Nigeria and was engaging the council to obtain its Letter of No Objection.

Staco disclosed the development in a market update to the Nigerian Exchange Limited and other stakeholders, noting that it had maintained discussions with NAICOM throughout the industry-wide recapitalisation exercise.

The company said its engagements with the regulator included discussions with the NAICOM Recapitalisation Committee on measures required to achieve compliance with the applicable minimum capital requirements.

NAICOM has also provided Staco with the Central Bank of Nigeria’s account details for the statutory deposit as part of the recapitalisation process.

Following receipt of the FRCN’s Letter of No Objection, Staco plans to convene its Annual General Meeting, where shareholders will consider its outstanding audited financial statements and proposed funding options.

The insurer has not disclosed the amount it plans to raise but said the funding would help strengthen its capital position and meet regulatory requirements.

Staco’s board and management reaffirmed their commitment to completing the recapitalisation process and continuing engagements with NAICOM and other relevant authorities.