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Monday, October 2, 2023

Shareholders approve NEM Insurance N10bn Share Capital Increase

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The 50th Annual General Meeting of NEM Insurance Plc (the “Company”) was held by proxy due to the COVID-19 pandemic on the 18th of June 2020 at NEM House, 199, Ikorodu Road, Obanikoro, Lagos in respect of the 2019 Financial Year.

The Chairman of the Board of Directors laid the Audited Financial Statements together with the Report of the Directors, Auditors and the Audit Committee for the year ended December 31, 2019 before the Shareholders.

One of the resolutions considered and duly passed was that the Directors were authorized to increase the Company’s share capital from N4,200,000, 000 (Four Billion, Two Hundred Million Naira) to N10, 000,000,000 (Ten Billion Naira) by the creation and addition of N5, 800,000,000 (Five Billion, Eight Hundred Million Naira) by the creation and addition thereto of 11,600,000,000 (Eleven Billion, Six Hundred Million) ordinary shares of 50 kobo (Fifty Kobo) each.

The new NEM Insurance shares are to rank pari passu in all respects with the existing ordinary shares in the share capital of the Company and that the directors are hereby authorised to issue such quantities as they may consider sufficient to raise the company’s issued share capital.

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