Recapitalization: African Alliance Insurance plans divestment from investment assets


As part of strategies to meet up with the recapitalization process in the insurance sector, African Alliance Insurance Plc, a major insurance firm in Nigeria is set to divest from any existing investment asset(s).

The company in a notice at the Nigerian Stock Exchange on Monday signed by Abisola Akinrin (Mrs.), Company Secretary said the decision on the divestment will be authorized by its directors at its 51st Annual General Meeting that will hold at the Radisson Blu Hotel, Ikeja, Lagos State on 27th October, 2020 at 10am.

It said, the meeting will be “to authorise the directors to divest from any existing investment asset(s) in furtherance of the recapitalization objectives of the Company.

“To authorise the directors to appoint such advisers, professionals and parties that they deem necessary upon such terms and conditions that the directors may deem appropriate with regard to the aforementioned divestment(s).

“To authorise the Directors to take all steps and do all acts that they deem necessary for the successful implementation of the above stated resolutions.”

The notice said the meeting will also be to receive the Audited Financial Statements for the year ended 31st December 2019 together with the Report of Directors, Auditors and Audit Committee thereon.

The meeting will also be to elect Alhaji (Dr.) Abatcha Bulama, Dr. Adiele Donatus Ekechukwu, Mr. Macauley Atasie as Directors of the Company:

It said Mr. Sylva Ogwemoh (SAN) who was appointed as a Non-Executive Director will be re-elected.

“The appointments of the aforementioned Directors have been approved by the National Insurance Commission and will be presented for shareholders’ approval at the Annual General Meeting,” the company said.

It said the Register of Members will be closed on 13th October, 2020 in accordance with the provisions of Section 89 of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004.

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