Consolidated Hallmark Insurance Plc, is one of the companies that is not in the same frame of mind on new capital requirement hook line and sinker with the regulator, National Insurance Commission though; the company, however, says it will muster the required mark of compliance in record time.
It is on the strength of statutory compliance that the company has met the December 2020 deadline set for companies to conclude 50% of fully paid up capital which for CHI is N5bn. Mr. Eddie Efekoha, the group managing director says, “we have met the N5bn required by December 2020.” He said the rights subscription that added N1bn was concluded June 8, 2020, and in full raising the paid up from its previous level of N4.06bn to N5.06bn.
Efekoha while briefing insurance brokers at a novel partners webinar meeting in Lagos, assured the company would continue to play by the record time in a manner that it doesn’t expose clients and the company. Besides, he said the process and effort to do the N10bn “has already started. We have engaged FBN Quest Capital for the next stage of the capital.”
On merger, Consolidated Hallmark helmsman said the issue was like an open cast mine and the company is ready to move in with its financial strength and all that is required for a good deal but not for the sake of it.
He speaks: “We are not going into any merger for the sake of of capital. But we will go into merger for the sake of market share, size is important. We did it in 2007 and we will continue to play the same way, we will do that.”
Good article for practitioners.
very well sir. Highly appreciated.