African Alliance Seeks Shareholders’ Approval to Raise N12bn, Sell Assets

By Aduragbemi Omiyale

The board of African Alliance Insurance Plc has fixed September 23, 2026, for an Extraordinary General Meeting (EGM) to seek shareholders’ approval for the raising of additional capital of up to N12 billion.

A statement on Thursday disclosed that investors would converge on YMCA Hall, 77 Awolowo Road, Ikoyi, Lagos, at 10 am for the meeting.

It was stated that the EGM aligns with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), the Companies and Allied Matters Act, 2020 (CAMA 2020), the Investment and Securities Act, 2025, the Rule Book of the Nigerian Exchange Limited, and other regulations and directives of the National Insurance Commission (NAICOM).

The board will use the gathering to seek authorisation to raise N12 billion “for the purpose of complying with the recapitalisation requirement of the company in compliance with the NIIRA, by way of private placement, rights issue, public offer, convertible subordinated debt note, sale of assets, and other recapitalisation structure permissible under the applicable law.”

Also, it would request investors’ nod to, as part of and in furtherance of the company’s recapitalisation, approval “to sell, transfer or otherwise dispose of such properties or other assets of the company, whether or not constituting a major asset transaction, on such terms and conditions as may be approved by the board of directors, and permitted by applicable law, subject to the requisite regulatory approvals.”

In addition, the board wants authorisation to amend the organisation’s Memorandum and Articles of Association (MEMART) “to the extent necessary or desirable to give effect to the recapitalisation, including any consequential increase in issued share capital and the allotment of shares pursuant thereto.”