By Adedapo Adesanya
AIICO Insurance Plc has received shareholders’ approval to increase its authorized share capital from N18 billion to N20 billion by the creation of additional 4 billion ordinary shares of 50 kobo each.
This came at the underwriter’s 50th Annual General Meeting (AGM) held virtually on Tuesday, December 8.
In a statement by the firm’s Head, Strategic Marketing and Communications, Mr Segun Olalandu, the meeting complied with the COVID-19-related directives and guidelines, adding that it was streamed live to remove the limitations of physical barriers and enable shareholders and other stakeholders across the globe to follow the proceedings.
He noted that the shareholders also gave their nod for the declaration of one bonus share for every eight ordinary shares held by existing shareholders of the company as at December 28, 2020, payable from retained earnings and one bonus share for every five ordinary shares held by existing shareholders of the company as at December 28, 2020, payable from share premium.
The Chairman of the group, Mr Kundan Sainani, expressed his gratitude for the immense support the company has received from its shareholders.
He 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.
The Managing Director and Chief Executive Officer, Mr Babatunde Fajemirokun, at the meeting also shed some light on the satisfactory progress the company has made in its recapitalisation journey, having surpassed the December 2020 expectations of the regulator.
“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.
