Goldlink Insurance to raise N8bn Capital by July

…projects N10bn premium by 2018

As part of the growth strategy to resuscitate its company, Goldlnk insurance Plc has announced plans to raise N8 billion capital in the next two months.

L-R: The Executive Director, Goldlink Insurance Plc, Mrs Funke Moore; Chief Financial Officer of Goldlink Insurance Plc, Mr Adeyina Olutungase; Ms Tonbofa Eva Ashimi, board member and Mr. Olanrewaju Suleiman, board member during the presentation of its facts behind the figure held at the NSE in Lagos recently

Gbolahan Olutayo, Managing Director/CEO, who led the Interim Management Board (IMB) told investors while presenting its Facts behind the figures that with a profit forecast in 2017, 2018 and 2019 once that are able to raise the capital, he assured capital market stakeholders that the company will bounce back to profit.

Olutayo, who was represented by the Executive Director, Mrs Funke Moore, said that source and inject funds to recapitalize the company through right issues and/or offer to other interested investor(s); reinvigorate the marketing workforce to reclaim lost market share, especially the Oil and Gas sector.

“Continue to adhere to best standards of regulatory compliance and Corporate Governance; improve on the Company’s expenditure profile; returning the company to a solvent position for competitive businesses and Increase the use of Information Technology for efficient business process and service delivery.”

She however assured that the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) are working with the company to recover 1.2 billion units of the company shares that was sold unjust.

She added that the company is projecting premium income of N1O billion by 2O18 from N7.5 billion 2O17 and N5.2 billion in 2O16.

Meanwhile, Mr. Oscar Onyema, Chief Executive Office of the Nigerian Securities and Exchange (NSE) commended Goldlink Insurance Plc for blazing a trail as the anchor company for the maiden Facts Behind the Restructuring event at the Exchange.

“Facts Behind the Restructuring is a forum for companies undergoing restructuring to make information available to the investing public. The forum gives restructuring issuers the opportunity to lift the veil on their current financial and operational statuses, inform the investing public of the activities they have been engaging in order to restructure, and speak about the processes of resuscitating their businesses to make them viable in order to come into full compliance with their post listing obligations.

“In the truest traditions of the capital market, the Facts Behind the Restructuring event is about providing information.

“As the capital market is information driven, it is our expectation that Goldlink’s interactions with the market through this forum will bring investors up to date on key facts they need to know as they make investment decisions.

“As with other interactions between issuers and the market, this Facts Behind the Restructuring event will provide the audience with the opportunity to ask Goldlink’s Management relevant questions that arise out of the presentation or howsoever. We are certain that Goldlink and other restructuring companies have a lot to discuss with the market.” Said Onyema.