AIICO’s Rights over-subscribed by shareholders

By Olusegun Obisanya

One of Nigeria’s leading underwriters, AIICO Insurance Plc, has recorded yet another milestone achievement in its recapitalization process as directed by the apex industry regulator, National Insurance Commission, NAICOM, as shareholders have oversubscribed its Rights Issues.

Recently, the company conducted its Rights Issue exercise listing 4,357,770,954 ordinary shares of fifty kobo (N0.50) each at eighty kobo (N0.80) per share, on the basis of five new ordinary shares for every thirteen ordinary shares held. The company witnessed about 126 percent subscription, an indication of shareholders’ excitement at the opportunity and readiness to be part of the promising future. Shares allotted will be credited immediately to the CSCS accounts of allottees by the registrars to the Issue, a signed statement from the Head, Strategic Marketing and Communications, Mr. Segun Olalandu, has disclosed.

Commenting on the outcome, the elated Managing Director and CEO, AIICO Insurance Plc, Mr. Babatunde Fajemirokun, said “We were never in doubt about our shareholders’ faith and commitment to our company. They share our thoughts and vision for a much stronger and resilient company, and are positioning themselves to take full advantage of the inherent opportunities.”

The Chief Financial Officer, Mr. Oladeji Oluwatola, also stated that the company’s market leadership status and unwavering commitments to its various stakeholders have continued to endear investors to the brand.

AIICO Insurance Plc 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 and investment management services as a means to create and protect wealth for individuals, families and corporate customers.