AIICO Insurance Plc is making a U-turn in pension business, with discussion in top gear to divest from its pension subsidiary, AIICO Pension Managers Limited.
AIICO already convinced its out of pension business, is already in discussion with FCMB Pension Limited for the divestment of its interest in the subsidiary. The proposed sale will see full uptake of AIICO’s 70% stake in the company.
The on-going transaction is subject to the approvals of the National Pension Commission (PenCom) and the Federal Competition Protection Commission (FCCPC).
The managing director /CEO AIICO, Babatunde Fajemirokun, reeled out two reasons for U-turn in the PFA, “the first is to unlock the value that is greater than holding the asset as a subsidiary now and in the future.”
The second, he stated “to deploy the ensuing capital in other assets where AIICO has a stronger competitive advantage, thereby maximising long term value for its stakeholders. It is not driven by the company’s recapitalisation plans which is on its own path and nearly complete.”
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment services as a means to create and protect wealth for individuals’ families and corporate customers.
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