Standard Alliance Group has raised its capital base above N25 billion, exceeding the industry’s statutory capital base of N2billion to N10 billion.

Mr. Bode Akinboye, the company’s Group Managing Director, who disclosed this to a group of editors who called on him at his Victoria Island office in Lagos, said: "I can authoritatively tell you that our capital base currently exceeds N25bn which means that we can rightly boast that we are stronger than some recapitalized banks in the country. This, I must confess to you, is a sign of what to expect from Standard Alliance Insurance Group in the short run."

Akinboye noted that the feat was achieved through the company’s last public offer, which enabled a good number of strategic local and international investors and institutions among which are Renaissance Capital Group, Stanlib Asset Management (South Africa), Enso Capital LLC (New York), Stanbic IBTC Pension Fund Administrator in addition to over 70,000 shareholders to invest in the company.

The company in March this year went to the exchange to raise N18billion in the offer which is adjudged to be the biggest so far by any insurance company but it ended up recording a 106 per cent success amounting to over N20bn.

"As a law-abiding corporate citizen, we could not make this public until now that the appropriate regulatory body has authenticated all the activities of the public offer.

"I must confess that I am the happiest Group Managing Director going by the level of investments made by most notable local and international organisations as well as the massive response by the Nigerian investing public during the offer, a practical indication of the wide acceptance of our brand locally and across our shores," he added.