Crusader Insurance Plc has called on investing public to invest in the ongoing Public and Rights Issues given the steady growth the company has recorded over the period of five years. The Managing Director /CEO, Crusader Insurance Plc, Mr Gabriel Oyelami told newsmen last week that the company is set to meet the new capital requirement announced by the National Insurance Commission (NAICOM) for insurance companies operating in the country.

According to him " We are out with our Public Offer so as to attract more investors to join the group of lucky shareholders in the company to share from the benefits of good investment having recorded consistent growth in five years in virtually all performance indicators".

He disclosed that investment in the company's stock could be termed investment without fear and tear as the shares guarantee huge profit both in the short and long run due to the following reasons : Crusader is well known in the industry (home and abroad) for prompt payment and efficient delivery of services; Profit has grown steadily over the last five years; Dividends consistently declared in the last four years and the shares are marketable and easy to convert to cash.

He further revealed that the company has won many laurels and award among which include : Nigeria Insurers Association for maintaining highest standard of insurance practice, two consecutive year awardee of the Nigerian Stock Exchange (NSE) Merit Award for comprehensiveness of her annual report and accounts and National Insurance Commission Award for innovativeness and new product development. According to him " Crusader Insurance Plc is a company with stocks where the return on investment has been encouraging over the years having a fully paid up capital above N450 million and an asset base well in excess of N3 billion

The company is seeking to raise N2.2billion by way of a public offer from the subscription of 1,665,119,816 ordinary shares of 50k at N1.35k per share while the Rights Issue targets about N945million at 4 for every 5 shares held at N1.20k.

The offer opened Friday September 8, 2006 to close September 28, 2006. Leading the pack of Issuing Houses is Diamond Bank which predicted successful outing for the offer.

Oyelami said at the presentation of the offer that Crusader is poised to continue its services in the general and life businesses and promised that the company will continue to offer superior products as well as delivering good returns to investors. He disclosed that the company has been delivering even superior returns than some banks citing consistent payment of dividends as an important factor that must excite investors.

Already, Crusader is concluding merger arrangement with Elmac, Admiral, Atlantic, Golden and Refuge Insurance. The CEO said the company's expectations go beyond meeting the new capital requirement. Stock analysts seem convinced that the company's stocks will sell ,as the proceeds from the offer will be deployed to enhance capacity and at the same time used to drive human capital development. "In addition, updating information technology of the insurer is key to post-consolidation operations" Oyelami stated.

_______________________________________________________________

By Peter Egwuatu

Vanguard (Lagos)
NEWS

Copyright © 2006 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).