AIICO Receives Shareholders Approval On Increment Of Share Capital To 20bn

By LOVETH AZODO, Lagos

AIICO Insurance Plc has revealed that it has received its shareholders approval to increase authorized share capital from 18bn to 20bn.

The underwriting firm disclosed the increment during its 50th Annual General Meeting held virtually to comply with COVID-19-related directives and guidelines.

According to the statement signed by the company’s Head, Strategic Marketing & Communications,
Segun Olalandu, the increment will be achieved by the creation of additional 2 billion ordinary shares of 50 kobo each.

At the meeting, Shareholders also gave their nod for the declaration of 1 bonus share for every eight (8) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from retained earnings and 1 bonus share for every five (5) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from share premium.

The Chairman, Mr. Kundan Sainani who expressed his gratitude for the immense support the Company has received from its Shareholders assured them of the Board’s commitment to continue to steer the affairs of the Company on the path of continuous and sustainable progress, irrespective of daunting macro-economic challenges.

On Recapitalization, The Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun also shed some light on the satisfactory progress the Company has made in its recapitalization journey, having surpassed the December 2020 expectations of the Regulator.

He said “There are no doubts that we have made some giant strides along this path. Beyond just meeting the requirements, we have seen the potentials and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term. AIICO will emerge stronger and with greater capacity to underwrite more risks”, he said.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.