Prestige Assurance Plc has announced the resolutions passed at its Annual General Meeting (AGM) held on Tuesday, September 23, 2025 at MUSON Centre, Lagos.
Key Decisions Made
Financial Statements Approved: Shareholders received and approved the company’s audited financial statements for the year ended December 31, 2024, along with reports from Directors, Auditors, and the Audit Committee.
Board Appointments:
Mrs. Aderonke Adedeji, Mrs. Smita Srivastava, and Mrs. Girija Subramanian were appointed as Non-Executive Directors (Subramanian’s appointment is subject to NAICOM approval).
Re-elections: Mrs. Funmi Oyetunji (Independent Non-Executive Director), Dr. Nosike Agokei (Minority Shareholder Representative), and Mr. N.S.R. Chandra Prasad (Independent Non-Executive Director, over 70 years old) were re-elected to the Board.
Auditors: Deloitte & Touche were re-appointed as external auditors for the 2025 financial year, with directors authorized to fix their remuneration.
Audit Committee: Shareholders elected Engr. M.O.T. Olayiwola Tobun, Mrs. Odusote Anike Olatunbosun, and Mr. Sekoni Nurudeen Adebayo as shareholder representatives, while Mr. Chandra Prasad and Dr. Nosike Agokei will represent the Board.
Management Remuneration: The remuneration of company managers was disclosed to shareholders.
Special Business
Share Capital Increase: The company approved a major increase in its share capital from ₦6.63 billion to ₦12 billion, by creating and adding over 10.7 billion new ordinary shares of 50 kobo each.
Capital Raising Programme: Shareholders authorized the Board to raise additional capital through private placements, rights issues, public offers, or other methods, in order to meet the new minimum capital requirement for non-life insurance companies under the Nigerian Insurance Industry Reform Act 2025.
Memorandum & Articles Update: The company’s founding documents (Memorandum and Articles of Association) will be amended to reflect the new share capital structure.
Investor Insight
For shareholders, these resolutions mark a significant step in positioning Prestige Assurance for regulatory compliance and growth. The capital increase and fundraising mandate signal that the company is preparing to meet stricter capital requirements for insurance firms, which could strengthen its long-term stability. The appointment of new directors and re-elections ensure governance continuity, while retaining Deloitte & Touche underscores transparency in auditing. Investors may see the capital raise as both a necessity and an opportunity for the company to expand, though it could also mean future share dilution if new equity is issued.
