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

While the initial 130 million shares sold at N4 each, representing a premium of 40.35 per cent against the closing share price of N2.85, the new shares were acquired at a lower value.

Eaton is seeking to acquire 10 per cent of the insurance company.

The company’s Managing Director, Olaleye Adeyinka 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 intend to acquire more shares until we meet the mandate of our Board to acquire 10% of the company’s shares”, Adeyinka added

Although he expressed confidence in the ability of current NEM’s leadership, he said that his company was desirous of gaining board representation in view of its growing shareholding stake in the company.