Regency Alliance Insurance Launches Rights Issue to Strengthen Capital Base, Drive Expansion

LAGOS – Regency Alliance Insurance Plc has taken a significant step toward strengthening its financial position and accelerating business growth with the formal signing of its Rights Issue Agreement, paving the way for a fresh capital injection aimed at enhancing the company’s competitiveness and long-term sustainability.

The signing ceremony, held at the insurer’s headquarters in Lagos on Wednesday, brought together members of the Board of Directors, management team, issuing house, legal advisers, stockbrokers and other stakeholders, reflecting widespread confidence in the company’s strategic direction and growth prospects.

Under the Rights Issue, Regency Alliance Insurance Plc is offering 3.201 billion ordinary shares of 50 kobo each at 95 kobo per share, on the basis of one new ordinary share for every five ordinary shares currently held by shareholders.

The capital raise is expected to bolster the company’s capital base, improve underwriting capacity and provide funding for strategic investments in technology, product innovation and customer service enhancement.

Speaking during the signing ceremony, the Acting Chairman of Regency Alliance Insurance Plc, Chief Wale Taiwo, SAN, described the development as a major statement of confidence in the company’s future.

According to him, the exercise represents more than a regulatory requirement, noting that it reflects faith in the organisation’s workforce, business strategy and the trust reposed in it by customers and shareholders over the years.

“Today’s signing is more than a formality. It is a statement of belief – belief in our people, our strategy, and the trust our customers and shareholders have placed in us over the years,” Taiwo said.

He explained that the additional capital would enable the company to respond more effectively to evolving risk landscapes, expand its market reach and strengthen its commitment to policyholders.

“This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder: that Regency Alliance will be there when it matters most,” he added.

Taiwo also expressed appreciation for the continued support of shareholders and urged all eligible investors to fully participate in the offer.

He noted that taking up their rights would not only protect existing investments from dilution but also allow shareholders to benefit directly from the company’s future growth and profitability.

Also speaking, the Managing Director of the company, Mr. Bode Oseni, said the proceeds from the Rights Issue would accelerate Regency Alliance’s ongoing digital transformation agenda and support the development of innovative insurance products targeted at underserved market segments.

According to Oseni, the company remains committed to maintaining its reputation as an agile, customer-focused and financially sound insurer.

“The proceeds from this Rights Issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigeria and beyond,” he said.

“We are not merely raising capital; we are raising our ambition.”

He expressed optimism that shareholders would embrace the opportunity and demonstrate confidence in the company’s future by fully subscribing to the offer.

Regency Alliance stated that the Rights Issue is intended to strengthen its solvency position, support business expansion and fund investments in digital infrastructure and new product development.

The company noted that existing shareholders would have the opportunity to subscribe for additional shares in proportion to their current holdings, thereby preserving their ownership interests while participating in future value creation.

Management further said the successful execution of the signing process demonstrates strong confidence among advisers and stakeholders in the company’s corporate governance framework, risk management systems and long-term business strategy.

According to the timetable released by the company, the Acceptance List will open on June 22, 2026, and close on July 3, 2026, during which eligible shareholders are expected to submit their applications.

Regency Alliance Insurance Plc has established itself as one of Nigeria’s leading general insurance providers, offering a broad range of insurance products to individuals and businesses across the country. The company is known for prompt claims settlement, innovative insurance solutions and adherence to strong corporate governance standards.

With the signing of the agreement and the completion of required regulatory approvals, the company said it would proceed with shareholder communications and implementation of the offer in compliance with the requirements of the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).

The Board and Management expressed confidence that the Rights Issue would receive strong shareholder support and position the insurer for sustainable growth, enhanced profitability and increased market relevance in Nigeria’s evolving insurance industry.

Regency Alliance Insurance Launches Rights Issue to Strengthen Capital Base, Drive Expansion

UK Social Media Ban Could Increase Online Risks for Teens — Telegram CEO

Telegram CEO, Pavel Durov, has intensified his criticism of the United Kingdom’s proposed policy to restrict social media access for users under the age of 16, describing the move as “dangerous” and arguing that it could create unintended risks for teenagers rather than protect them.

The UK government is currently advancing plans to ban under-16s from accessing major social media platforms, including Instagram, TikTok, Snapchat, Facebook, YouTube and X (formerly Twitter), as part of a wider online safety framework aimed at reducing children’s exposure to harmful content, cyberbullying and online exploitation.

Under the proposal, platforms would be required to enforce strict age-verification systems, which could include government-issued identification checks, facial recognition technology, or bank card verification before users are allowed access.

According to official proposals, the measures form part of the government’s broader push to strengthen the Online Safety Act, with enforcement expected to be overseen by regulator Ofcom and phased in over the coming period.

READ ALSO:

• Kingibe Denies Endorsing Akpoti-Uduaghan Suspension
• Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate
• Police Arrest Boko Haram, Lakurawa Terror Suspects, Rescue Kidnap Victim

Reacting in a series of posts on X, Durov questioned the effectiveness of age-based restrictions, arguing that teenagers are likely to bypass such controls using VPNs and other tools, which he says may expose them to even less regulated and more harmful online environments.

He warned that banning social media outright for teenagers “only puts them in greater danger,” adding that historical attempts to restrict platforms in other countries did not stop usage, but instead pushed users to alternative access methods.

Durov also stressed that parental responsibility remains more effective than government bans, insisting that parents already have tools such as screen-time controls and parental monitoring systems to manage children’s online activity.

He further argued that excessive regulation cannot replace parenting choices, noting that many children are already introduced to digital devices at a very young age without adequate supervision.

The Telegram chief also raised concerns about the privacy implications of mandatory age verification, suggesting that requiring users to prove their identity online could lead to increased data collection and surveillance risks.

He questioned whether the policy was solely about child protection or whether it could also expand government oversight of online users, a point that has added to ongoing debates about digital privacy and regulation in the UK.

The UK government, however, maintains that stronger restrictions are necessary to protect children from online harm, while public debate continues over how best to balance child safety, privacy, and digital freedom in an increasingly connected world.

The proposal is still under consideration, with further details expected as lawmakers refine the framework before implementation.

UK Social Media Ban Could Increase Online Risks for Teens — Telegram CEO

Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate

The trial of former Minister of Aviation, Hadi Sirika, took a fresh turn on Wednesday as an investigator with the Economic and Financial Crimes Commission (EFCC) detailed before a Federal Capital Territory High Court in Abuja how the former minister allegedly influenced the award and extension of consultancy contracts linked to the controversial Nigeria Air project.

The EFCC witness, Christopher Odofin, testified before Justice Sylvanus Oriji that Sirika allegedly directed the award of a consultancy contract for the establishment of Nigeria Air to Tianaero Nigeria Limited, a company reportedly linked to Gabriel Tilmann, whom investigators described as a close associate of the former minister.

Sirika is facing trial alongside his daughter, Fatima Sirika; his son-in-law, Hamma Jalal Sule; and Al Buraq Global Investment Limited over an amended six-count charge bordering on abuse of office, contract fraud, and the alleged diversion of public funds. All the defendants have pleaded not guilty to the charges.

According to the witness, Tianaero Nigeria Limited was awarded an initial consultancy contract worth over N299 million on April 4, 2022, for services related to the establishment of Nigeria Air. Odofin told the court that the contract was subsequently extended on October 17, 2022, increasing its value to more than N599 million. The EFCC investigator alleged that findings from the commission’s investigation indicated that the extension was granted on Sirika’s instruction due to his relationship with Tilmann.

READ ALSO:

• Police Arrest Boko Haram, Lakurawa Terror Suspects, Rescue Kidnap Victim
• US-Iran MoU Details Emerge: $300bn Reconstruction Aid, Sanctions Relief in 14-Point Deal
• Grand Chief Imam Denies Involvement in Prayer Event for Oyo APC Governorship Candidate

Odofin further informed the court that investigators examined the mobile phone of former Permanent Secretary in the Ministry of Aviation, Enitan Muyiwa Abel, and allegedly discovered a voice note sent by Sirika while he was in Spain. According to the witness, the former minister instructed the permanent secretary to ensure that the consultancy contract was awarded to Tianaero Nigeria Limited. He also alleged that the contract did not pass through the Bureau of Public Procurement (BPP) before approval but was instead processed based on Sirika’s directive.

The witness told the court that payments relating to the consultancy contract were traced through the company’s accounts with Access Bank and Guaranty Trust Bank. He added that records obtained from the Corporate Affairs Commission (CAC) showed that Tianaero Nigeria Limited was incorporated on March 29, 2021, less than two years before it secured the consultancy contract.

Odofin said investigators tendered bank statements, CAC documents, and a compact disc containing the alleged voice note as exhibits before the court. The exhibits were subsequently admitted into evidence.

The testimony also revived concerns surrounding the controversial launch of Nigeria Air in 2023. In an earlier court appearance, the same witness alleged that the aircraft unveiled as Nigeria Air shortly before the end of former President Muhammadu Buhari’s administration was actually an Ethiopian Airlines aircraft temporarily brought into Nigeria for branding and display purposes. According to the witness, the aircraft remained in Nigeria for only a few days before returning to Ethiopia after the unveiling ceremony.

The claim forms part of the broader allegations being investigated by the EFCC regarding the implementation of the national carrier project during Sirika’s tenure as aviation minister.

Following Wednesday’s proceedings, Justice Oriji adjourned the matter until July 8 for the prosecution to play the audio recording allegedly sent by Sirika and for the continuation of hearing.

The case remains one of the most closely watched corruption trials involving a former cabinet member, given its connection to the controversial Nigeria Air project and the allegations of abuse of office and contract irregularities.

Witness Reveals How Sirika Approved Nigeria Air Consultancy Deal for Associate