AIICO Rewards Shareholders With ₦4.39bn Dividend, Names New Chairman

By LOVETH AZODO, Lagos

Shareholders of AIICO Insurance Plc have approved a dividend payout of ₦4.39 billion and endorsed the appointment of three new directors to the company’s board, underscoring growing investor confidence in the insurer’s strategic direction and governance framework.

In a statement by the company’s Head of Marketing and Communication, Segun Olalandu, shareholders at AIICO’s 2026 Annual General Meeting (AGM) approved a dividend of 12 kobo per share, amounting to ₦4.39 billion, while also ratifying all resolutions presented by the board and management.

The meeting also ushered in significant changes to the company’s governance structure with the appointment of Tunde Mabawonku and Rolake Akinkugbe-Filani as Non-Executive Directors, alongside Sadiq Mohammed as an Independent Non-Executive Director.

According to the company, the appointments are expected to strengthen the board’s capacity in areas including finance, capital markets, digital transformation, investment management, risk governance, and corporate strategy.

Shareholders also approved the appointment of Olalekan Akinyanmi as Chairman of the Board, succeeding Kundan Sainani. Akinyanmi, founder and Chief Executive Officer of LEKOIL Nigeria Limited, brings more than three decades of experience in the global energy sector and has been involved in several major capital-raising and investment transactions.

Speaking on the outcome of the AGM, Managing Director and Chief Executive Officer of AIICO Insurance, Babatunde Fajemirokun, thanked shareholders for their continued support, describing the dividend approval as a reflection of confidence in the company’s long-term strategy.

He said the board appointments reflected AIICO’s commitment to strong corporate governance, effective oversight, and sustainable value creation, adding that the insurer remained focused on building a resilient financial services group capable of delivering long-term returns to shareholders.

Founded in 1963, AIICO Insurance operates across life insurance, general insurance, health insurance, and investment management, making it one of Nigeria’s longest-serving and most diversified insurance institutions.