Axa Mansard to Sell Pensions, Real Estate Assets

AXA Mansard Insurance

By Dipo Olowookere

One of the players in the non-banking financial services sector, Axa Mansard Plc, is selling its interests in the pensions and real estate industries.

Axa Mansard prides itself as a platform for clients’ health, life, motor, travel, health insurance, investment and pensions needs.

At a meeting of the board of directors of the organisation held recently, it was agreed that in order to focus on its core calling, which is insurance, there was an urgent need to selloff the company’s assets in the above two sectors.

According to the scribe of Axa Mansard, Mrs Omowunmi Mabel Adewusi, the reason for the decision to divest from these businesses was in “furtherance of the objectives of the company.”

However, she said the divestment from Axa Mansard Pensions Limited and Real Estate Investment was “subject to regulatory approval.”

She disclosed that at the 81st board meeting of the firm held on Wednesday, February 12, 2020, it was unanimously agreed that “subject to regulatory approval; the directors be and are hereby authorised to divest from the following investment assets in furtherance of the objectives of the company: (a) AXA Mansard Pensions Limited (b) Real Estate Investment(s).

“That subject to regulatory approval; the directors be and are hereby authorised to appoint such advisers, professionals and parties that they deem necessary, upon such terms and conditions that the directors may deem appropriate with regard to the aforementioned divestments.

“That the board of directors be and are hereby authorised to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions.”

Also, at the meeting yesterday, the board approved the financial statements and accounts of the company together with the directors and auditor’s reports for the financial year ended December 31, 2019.

Thereafter, the management of the company was authorised to submit the audited financial statements and accounts of the company for the year ended December 31, 2019 to the National Insurance Commission (NAICOM) for its approval and upon receipt of this approval, the results should be filed with the Nigerian Stock Exchange (NSE).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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