[By VICTOR NZE]
AIICO Insurance Plc has held its 50th Annual General Meeting (AGM), Tuesday, with shareholders endorsing the company’s move to raise authorized share capital (ASC) to N20 billion.
Head, Strategic Marketing & Communications, AIICO, Segun Olalandu, informed that the AGM which was held virtually and in compliance with COVID-19-related directives and guidelines, was also streamed live to remove the limitations of physical barriers and enable Shareholders and other stakeholders across the globe to follow the proceedings.
At the meeting, which took place at the Radisson Blu Hotel, Ikeja, the Company received the Shareholders’ approval to increase its authorized share capital from N18bn to N20bn by the creation of additional 4 billion ordinary shares of 50 kobo each.
In the same vein, the Shareholders also gave their nod for the declaration of 1 bonus share for every eight (8) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from retained earnings and 1 bonus share for every five ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from share premium.
Remarking, AIICO Plc Board Chairman, Mr. Kundan Sainani, expressed gratitude for the immense support the Company has received from its Shareholders, just as 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.
On his part, 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 recapitalization 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”, Fajemirokun said.