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AIICO Insurance Get Shareholders Nod On Twelve Shares Bonus For Every Nine

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L-R: Non-Executive Director, Folakemi Edun (nee Fajemirokun), Non-Executive Director, Ademola Adebise, Company Secretary Adewale Kadri, Executive Director, Technical, Donald Kanu.

By LOVETH AZODO, Lagos

The management of leading composite insurer in Nigeria, AIICO Insurance Plc has disclosed that the company has received shareholders approval on its plan to give a bonus of twelve (12) shares for every nine (9) shares already held by members whose names appear on the register of members as of the close of business on November 23, 2021.

The disclosure was made at the company’s 51st Annual General Meeting held on Tuesday, November 30, 2022 in Ikeja, Lagos.

In his welcome address, the Chairman of AIICO Insurance, Mr. Kundan Sainani, opined that the approval of the issuance of bonus would clear the path for the Company to meet up with new capital requirements from the regulator, National Insurance Commission (NAICOM).

“This strengthens the Company’s market position on its journey to being the dominant insurer in sub-Saharan Africa,” he said.

Also, amongst other resolutions made by shareholders was the re-election of Ademola Adebise and Samaila Zubairu for another term on the board.

According to a statement signed by the company’s Head, Strategic Marketing & Communications, Segun Olalandu, the Annual General meeting was held in accordance with the COVID-19 guidelines of state and federal governments, with shareholders in attendance elected by proxies to represent their interests. The meeting was also streamed live for the benefit of all stakeholders.

The Chairman said “Shareholders will recall that at about this same time last year, we were constrained to hold a virtual meeting by virtue of the then rampaging COVID–19. While we are doing so again today, it is our hope and desire that in the nearest future, we will be able to have a live and one-on-one meeting where shareholders will have the benefit of interacting with each other, Board and members of Management. Until then, may we continue to apply all the safety protocols that will help us to remain safe in this fight against COVID.”

During the interactive session, the shareholders applauded the Company’s leadership on its remarkable contribution to society through its various Corporate Social Responsibility initiatives and interventions. Its focus on its recapitalization efforts also received a commendation for completing its private placement and rights issue.

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