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African Alliance Secures Shareholders Nod to Raise N12bn, Eyes Return to Active Trading

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BY NKECHI NAECHE-ESEZOBOR—The board  of directors of African Alliance PLC on Wednesday got shareholders nod to raise N12 billion additional capital to shore up its baseline and meet National Insurance Commission, (NAICOM), Minimum capital requirement.

According to the details made available by the company under the approved resolutions, the Board is empowered to execute the capital injection through various channels, including private placement, rights issue, public offer, asset sales, or zero-coupon convertible subordinated debt notes.

The approval which was granted at the company’s Extra-ordinary general meeting held today in Lagos, shareholders also empower the board to determine conversion terms, allot shares, and revalidate legacy shares where necessary.

The EGM aligns with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), the Companies and Allied Matters Act, 2020 (CAMA 2020), the Investment and Securities Act, 2025, the Rule Book of the Nigerian Exchange Limited, and other regulations and directives of NAICOM.

Applauding the shareholders  for the approval, the Chairman of company, Anthony Isa, said “The approval granted by our shareholders today marks a vital milestone in securing the long-term strength and regulatory compliance of African Alliance Insurance Plc. By authorising the Board to raise up to N12 billion across flexible capital structures—including equity, debt notes, and asset optimisation—we are positioning the company to fully satisfy the recapitalisation requirements of the Nigerian Insurance Industry Reform Act while creating sustainable value for all stakeholders.

The board also got approval as part of and in furtherance of the company’s recapitalisation, approval “to sell, transfer or otherwise dispose of such properties or other assets of the company, whether or not constituting a major asset transaction, on such terms and conditions as may be approved by the board of directors, and permitted by applicable law, subject to the requisite regulatory approvals.”

In addition, the board  was also mandated  to amend the organisation’s Memorandum and Articles of Association (MEMART) “to the extent necessary or desirable to give effect to the recapitalisation, including any consequential increase in issued share capital and the allotment of shares pursuant thereto.”

Also, Managing Director/Chief Executive Officer Ayobami Ogunkeye, African Alliance Plc, assured shareholders that leadership is thoroughly vetting all potential equity partners in order to safeguard the firm’s foundational identity.

“We are extremely cautious about who we bring on board or align with, because this is a lasting commitment,” Ogunkeye stated. “Many parties have capital, but what drives them? Do they value what African Alliance represents, or are they simply after breaking it up for parts? We are rigorously vetting interested parties to make sure our goals match theirs.”

Ogunkeye disclosed that leadership is actively in talks with the Nigerian Exchange Limited (NGX) and other regulatory agencies to clear up longstanding filing gaps and open the door for the company’s shares to begin trading again.

“There is underlying worth here that matters greatly. We are actively in discussions with the regulators so trading in our stock can be reinstated on the exchange,” he noted. “At present, our share price sits well under its face value, but once this recapitalisation drive is finalised, we anticipate raising the share value to roughly 70 kobo or N1.00, restoring our position among stocks that are actively traded and hold real worth.”

The post African Alliance Secures Shareholders Nod to Raise N12bn, Eyes Return to Active Trading appeared first on Business Today NG.

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NPA to fix rail, logistics gaps at inland dry ports

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The Nigerian Ports Authority (NPA) has moved to address rail connectivity and logistics challenges affecting inland dry ports as part of efforts to integrate the facilities into the nation’s port system and improve cargo movement across the country.

The move followed a meeting between the NPA management, led by its Managing Director, Abubakar Dantsoho, and the Executive Director of Dala Inland Dry Port, Ahmad Rabiu, alongside representatives of Funtua Inland Dry Port, at the authority’s corporate headquarters in Marina, Lagos.

The engagement came after the Minister of Marine and Blue Economy, Adegboyega Oyetola, directed the transfer of operational oversight of inland dry ports to the NPA.

The discussions focused on strengthening institutional collaboration, addressing infrastructure constraints and improving operational efficiency across Nigeria’s maritime logistics chain.

Speaking during the meeting, Mr Dantsoho stressed the need to upgrade inland dry port infrastructure and technical capacity to complement ongoing modernisation efforts at the nation’s seaports.

He said the facilities must be equipped to handle increasing cargo volumes and support the broader transformation of Nigeria’s maritime sector.

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“For our Inland Dry Ports to function at the same velocity as the ongoing modernisation across our seaports, we must proactively upgrade dry port infrastructure and technical capacity,” Mr Dantsoho said.

He explained that the integration of digital platforms, including the Port Community System (PCS) and the National Single Window, into seaport operations must be matched by corresponding improvements at inland dry ports.

“As we integrate digital systems such as the Port Community System (PCS) and the National Single Window in our seaports, the dry ports must deploy modern equipment and advanced technical capabilities to handle larger cargo volumes and bigger vessels coming to our coast,” he added.

Increased private-sector investment

The NPA managing director also called for increased private-sector investment in inland dry port infrastructure, noting that stronger investment would be critical to improving cargo handling capacity and operational efficiency.

He cited APM Terminals’ establishment of an Export Processing Terminal in Northern Nigeria as an example of private-sector participation in the development of inland logistics infrastructure.

ALSO READ: INVESTIGATION: Ganduje embroiled in multi-billion naira Kano dry port ownership scandal

Mr Dantsoho assured stakeholders that efforts to optimise the inland port system were underway and confirmed plans to visit the Dala and Funtua facilities to assess their operational conditions and infrastructure requirements.

Operational oversight

Speaking on behalf of the delegation, Hassan Bello welcomed the transfer of operational oversight to the NPA, expressing appreciation for what he described as a seamless transition.

Mr Bello referenced the gazetted Port Act, which recognises inland dry ports as official ports of origin and destination, while drawing attention to challenges confronting the facilities, particularly inadequate rail connectivity and broader logistics constraints.

Rail access is a critical component of inland dry port operations, as efficient connections to the national rail network can facilitate cargo movement between seaports and inland destinations, potentially reducing pressure on road transport and lowering logistics costs.

The meeting also established a framework for further technical consultations, infrastructure integration and physical planning to identify the requirements for improving operations at the facilities.

The discussions highlighted the need for detailed technical assessments, stakeholder coordination and physical inspections to establish infrastructure priorities and guide subsequent project development.

The planned visits to Dala and Funtua inland dry ports are expected to provide NPA with a clearer understanding of the facilities’ operational challenges and the interventions required to strengthen their roles in cargo distribution, trade facilitation and wider maritime logistics network.


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Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council

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BY NKECHI NAECHE-ESEZOBOR—The Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, has  been appointed and inaugurated as a member of the Governing Council of Coal City University, Enugu, extending her leadership engagement into the higher education sector.

The Governing council, chaired by retired Lieutenant General Azubuike Ihejirika, former Chief of Army Staff, brings together professionals from diverse backgrounds to provide strategic direction and governance oversight for the institution.

Dr. Nwakuche’s appointment represents an opportunity to bring her enviable wealth is experience in Nigeria’s insurance industry to a higher education institution focused on academic development, institutional growth and the preparation of graduates for professional and entrepreneurial opportunities.

As MD/CEO of Veritas Kapital Assurance Plc, Dr. Nwakuche leads a Nigerian non-life insurance company in an industry where strategic decision-making, risk management, accountability and stakeholder engagement are essential to organisational performance.

Her participation in the university’s Governing Council extends this professional experience into a different institutional setting.

The Governing Council plays an important role in guiding the university’s strategic priorities, strengthening governance and supporting its long-term sustainability.

The participation of experienced professionals from the private sector can also foster cross-sector perspectives on institutional management, human capital development and organisational effectiveness.

Dr. Nwakuche’s appointment highlights the value of professional engagement beyond traditional industry boundaries and the role experienced leaders can play in supporting institutions across different sectors.

Veritas Kapital Assurance Plc congratulates Dr. Nwakuche on her inauguration and wishes her a successful and impactful tenure on the Governing Council of Coal City University.

The post Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council appeared first on Business Today NG.

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