The shares, which were listed by introduction at a unit cost of N2.50 is expected to elevate the profile of the company and expose its shares to institutional investors and other companies.

Briefing stockbrokers and other stakeholders yesterday, Managing Director of the company, Mohammed Kari, said Unity Kapital has all the required features to make impact in the insurance sub-sector.

Information made available by the company said effective from 2010, premium income is expected to increase by 100 per cent and 25 per cent yearly as a result of implementation of the six classes of compulsory insurance, which will be additional source of income.

Kari added that underwriters market agreement, which was targeted towards sanitising the industry against unethical practices will also boost premium generation.

"In 2010, other income would increase by 300 per cent due to the expectation of additional income from investment in Transcorp Hilton Hotel Abuja and 40 per cent annually from 2011.

"From 2010, our 15 per cent investment in Transcorp Hilton will give rise to shareholders fund and net asset depending on exchange rate," said Kari

According to Kari, Unity Kapital did not opt to list its shares in order to raise capital, adding that the management of the company believed that the current paid up capital and the funds from operations would be adequate to see the company through the current consolidation phase.

Making reference to the products and services of the company, Kari said Unity Kapital is licenced to underwrite all non-life insurance, which includes, among other classes, fire, burglary, money, marine, aviation, accident and oil and gas insurances

"Over the years, the company has performed creditably in the discharge of its functions as an insurer covering risk in all sectors of the Nigerian economy.

"The company has been insurer to the banks and non-bank financial institutions, hospitals, hotel, publishers, oil companies, oil services companies, energy companies among others," Kari added

He also used the opportunity to assure Stockbrokers that Unity Kapital is poised to transform totally into a totally Information Technology based company with first class services interconnecting all parts of the country.

"We also hope to be the leader in the development of human capital by the provision of continous first class training to our staff.

"We will also continue to offer excellent services that exeed customers expectation using appropriate technology, high motivated staff and customised products. This will gurantee enhanced patronage, brand loyalty and increase market shares"

In his contribution, Assistant Director General ( NSE), Lance Elakama, commended the management of Unity Kapital for lifting the company into profitability.

The Guardian Newspaper, Friday December 18,2009.