Regency Alliance Insurance Plc has successfully completed a N6.04 billion capital raising programme. The exercise positions the company above the N15 billion minimum capital requirement for non-life insurers under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Company Secretary Anu Shobo disclosed the development in a signed statement on August 3, 2026. The announcement came shortly after the National Insurance Commission (NAICOM) published a list of 43 compliant insurance and reinsurance companies that met the July 31, 2026 recapitalisation deadline, which initially excluded Regency Alliance.
Breakdown of the N6.04 Billion Capital Raise
The Board of Directors approved a multi-phased capital strategy to meet the new regulatory threshold. This strategy combined a rights issue for existing shareholders and a private placement targeted at strategic investors, both of which were completed in July 2026.
The Rights Issue generated N2,540,666,000, allowing existing shareholders to increase their stakes. The Private Placement secured an additional N3,500,000,000, bringing the total capital raised to N6,040,666,000.
When combined with the company's existing admissible assets, minus admissible liabilities, the new capital places Regency Alliance above the N15 billion mark. The insurer confirmed that all regulatory approvals have been obtained and the proceeds have been transferred into a dedicated Central Bank of Nigeria (CBN) account.
Private Placement Details and NAICOM Verification
The private placement transaction involved 7.37 billion ordinary shares targeted at strategic investors. A formal signing ceremony took place on July 10, 2026, at the company's headquarters in Gbagada, Lagos. The offer opened on July 15 and closed on July 16, 2026.
This private placement was structured to strengthen the company's capital base, improve solvency margins, enhance underwriting capacity, and support future business expansion. The Securities and Exchange Commission (SEC) has approved the allotment of shares under both the rights issue and private placement, and processing is underway.
Regency Alliance has submitted all relevant verification documents to NAICOM. The company is currently undergoing the regulator's verification process to secure formal confirmation of its compliance with the new capital regime.
