Eaton Acquisitions Limited, an investment company, has increased its stake in NEM Insurance to 9%, days after it announced the acquisition of 4% of the insurance company.

While the initial 130 million shares sold at ₦4 each, representing a premium of 40.35% against the closing share price of ₦2.85, the new shares were acquired at a lower value.

Eaton is seeking to acquire 10% of the insurance company. The latest acquisition makes it the single largest shareholders and puts it within a distance of its target.

According to Olaleye Adeyinka, Managing Director, Eaton Acquisitions Limited, he said; “There is no better option in the market from the perspective of effective leadership, strategic opportunities and reforms for growth in the industry, broad sharing holding base that engenders good corporate governance, and a network of current and potential shareholders for enhanced business development.”

“We can’t say much about the strategic vision of the company yet as it is in the purview of management and the board, but we have unalloyed confidence in both organs of the company’s governance.”

“We increased the stakes in the company because it offers strategic opportunities and growth. We intend to acquire more shares until we meet the mandate of our Board to acquire 10% of the company’s shares. We are desirous of gaining board representation in view of our dominant shareholding stake in the company.”