From Edet Udoh, Lagos
In line with the company’s preparedness to meet the new minimum paid up capital requirement for the insurance industry, AIICO Insurance Plc has received shareholders’ approval to increase its authorized share capital from N10 billion to N18 billion.
A statement by the company’s Head, Strategic Marketing & Communications, Segun Olalandu, said the approval was given at the the company’s Extra-Ordinary General Meeting which held on Monday, October 14 in Lagos where “the shareholders demonstrated their support by voting in favour of this proposition.”
The Chairman of the Board, Mr. Kundan Sainani, while speaking at the EGM, according to the statement, stated that “AIICO has received NAICOM’s No Objection to its recapitalization plan.
“The company’s recapitalization plan includes a combination of private placement, rights issue and bonus issue.”
The Managing Director, Mr Babatunde Fajemirokun, according to the statement, said “the private placement is at an advanced stage with a number of investors. Therefore, the shareholders also approved amendments to the Memorandum of Association to reflect the addition of new investors.
“These are exciting times for us as a business and we are confident that the recapitalization exercise will see the company emerge stronger, more resilient, with adequate capacity and competencies to continue to provide risk protection and value adding services to all our customers and stakeholders,”Mr. Babatunde Fajemirokun, said in the statement.
AIICO Insurance Plc., a leading composite insurer in Nigeria, commenced operations in 1963. AIICO provides life insurance, health insurance, general insurance, wealth management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.