Shareholders’ of AIICO Insurance Plc have approved the issuance of bonus shares; this among other resolutions were passed unanimously at its 51st annual general meeting held on Tuesday, November 30, 2021, at Lagos Marriott Hotel, Ikeja.
Mr. Kundan Sainani, the chairman of AIICO Insurance, while welcoming the shareholders in person and online to the Covid guidelines dictated meeting stated, “Shareholders will recall that at about this same time last year, we were constrained to hold a virtual meeting by virtue of the then rampaging COVID–19. While we are doing so again today, it is our hope and desire that in the nearest future, we will be able to have a live and one-on-one meeting where shareholders will have the benefit of interacting with each other, Board and members of Management. Until then, may we continue to apply all the safety protocols that will help us to remain safe in this fight against COVID.”
At the event, shareholders bonus vote was a bonus of 12 shares for every nine shares limited to members on the register as of the close of business on November 23, 2021. The issuance of bonus clears the path for the company to meet up with new capital requirements from NAICOM. The firm’s statement comments, “This strengthens the company’s market position on its journey to being the dominant insurer in sub-Saharan Africa.”
On same line of duty, several resolutions relating to corporate governance in the organization as well as some special business were sorted out including the re-election of Ademola Adebise and Samaila Zubairu for another term on the board.
During the interactive session, the shareholders applauded the company’s leadership on its remarkable contribution to society through its various corporate social responsibility initiatives and interventions. Its focus on its recapitalization efforts also received a commendation for completing its private placement and rights issue.
AIICO Insurance is a leading composite insurer in Nigeria, serving its clients for over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management, and pension management services to create and protect wealth for individuals, families, and corporate customers.