Staco Insurance Plc Recapitalisation Update August 2026
Staco Insurance Plc filed a market update on 4 August 2026 disclosing the status of its recapitalisation process with the National Insurance Commission. The filing details steps taken toward meeting minimum capital requirements, including regulatory approvals and planned shareholder engagement.
Staco Insurance Plc has informed the Nigerian Exchange Limited, its shareholders, and the investing public of developments in its ongoing recapitalisation exercise as mandated by the National Insurance Commission (NAICOM).
According to the filing dated 3 August 2026, the Company has maintained active engagement with NAICOM and the NAICOM Recapitalization Committee throughout the process. NAICOM recently provided the Company with CBN account details for the statutory deposit, a procedural step in the recapitalisation framework.
The Company disclosed that NAICOM has approved its 2024 Audited Financial Statements, which have since been submitted to the Financial Reporting Council of Nigeria (FRCN). Staco is currently awaiting the FRCN's Letter of No Objection before convening its Annual General Meeting (AGM). At the AGM, shareholders will be asked to consider the outstanding audited financial statements and proposed funding options to support recapitalisation compliance.
The Board and Management stated their commitment to complying with all applicable regulatory requirements and pledged continued engagement with NAICOM and other relevant regulators. The announcement was made pursuant to Rules 17.3 and 17.5(m) of the NGX Issuers' Rules.
