AIICO Insurance Plc will issue a bonus of Twelve (12) shares for every nine (9) shares already held by shareholders whose names appear on the register of members as of the close of business on November 23, 2021.
This is according to the press release by the underwriter on the resolution passed during the 51st annual general meeting which was signed by Segun Olalandu, Head, Strategic Marketing and Communications and seen by Nairametrics.
As part of the resolution during the event, shareholders also approved the re-election of Ademola Adebise and Samaila Zubairu for another term on the board.
Backstory
Last year, Nairametrics had reported that shareholders of AIICO Insurance Plc have approved a request by the management to increase its authorized share capital from N18 billion to N20 billion, through the creation of additional 4 billion ordinary shares of 50 kobo each following the 50th annual general meeting.
The shareholders had approved the declaration of  1 bonus share for every eight (8) ordinary shares held by existing shareholders of the company as of  December 28, 2020, payable from retained earnings and also 1 bonus share for every five (5) ordinary shares held by existing shareholders of the company as at December 28, 2020, payable from share premium.
While other resolutions presented to the shareholders were unanimously approved with the issuance of the bonus, this may indicate a clearer path for the company to meet up with capital requirements from NAICOM.
What you should know
- AIICO Insurance is a composite insurer in Nigeria, providing life and health insurance, general insurance, investment management, and pension management services for individuals, families, and corporate customers.
- NAICOM had issued deadlines slated in phases; 31st December 2020 and 30th September 2021, for life, general and composite insurers to meet the capital base of N8 billion, N10 billion and N18 billion while composite insurers were to meet N20 billion but this was suspended following a court order stopping the regulator from proceeding with the exercise.
