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Home Business News

AIICO Insurance to increase share capital by 80% 

Damilare Famuyiwa by Damilare Famuyiwa
September 12, 2019
in Business News, Company News
AIICO Insurance, Share capital raise
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AIICO Insurance Plc is planning to increase its share capital from N10 billion to N18 billion. The company made this disclosure in a notification announcing its forthcoming Extra-Ordinary General Meeting (EGM), which is scheduled to hold on Monday, October 14, 2019. 

Should AIICO Insurance secure the shareholders’ approval at the EGM, the company’s share capital will increase by 80%. 

In a statement that outlines the EGM’s agenda, the company made known that “the share capital will be raised by the creation of 16 billion ordinary shares of 50 kobo each, ranking pari passu in all respects with the existing ordinary shares of the Company, and the capital clause of the Memorandum and Articles of Association of the Company, will be altered accordingly.” 

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Nairametrics understands that AIICO Insurance’s decision to raise capital might have been reached in view of the recent increase in capital requirements by the National Insurance Commission (NAICOM). 

[READ ALSO: AIICO Insurance appoints new Executive Director]

Recall that not too long ago, the National Insurance Commission (NAICOM) introduced the tier-based minimum solvency capital, a situation that was later cancelled after it was challenged in court. 

AIICO Insurance, Share capital

Specifically, the capital requirements for life insurance firms were increased from N2 billion to N8 billion. Insurance firms underwriting general business have been mandated to shore up their capital from N3 billion to N10 billion. 

Composite insurance firms, that is, firms underwriting both life and general business will raise their capital from the current N5 billion level to N18 billion. Reinsurance firms will move up from the current minimum capital of N10 billion to N20 billion. 

What you should know: Insurance companies in Nigeria are currently making concerted efforts to raise their capital bases. It is expected that there will be a flurry of Rights issues, public offers, and even IPOs following this development. Just like it happened in the banking sector during Soludo’s era, some insurance companies may even need to consider mergers and acquisitions in order to meet the capital requirements.

[READ ALSO: AIICO Insurance Plc declares 6 kobo dividend for FY 2018]


Follow us for Breaking News and Market Intelligence.
Tags: AIICO InsuranceExtra-Ordinary General Meeting (EGM)National Insurance Commission (NAICOM)
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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