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AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board
BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
The post AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board appeared first on Business Today NG.
Climate tech, the field of technologies and solutions that are increasingly adapted to tackle the climate crisis, has emerged as Africa’s top venture funding sector, confining fintech, which has dominated the scene for years, to the back seat.
The sector accounted for less than a quarter of the aggregate venture capital that flowed into Africa in the nine years to 2025, according to a report released Tuesday by London-based research house Briter.
Climate tech’s role in venture funding became particularly pronounced in 2025, when it alone contributed 40 per cent, or $1.5 billion, compared with other years in the near-decade period under review, the study said. That was up from 13 per cent or $206 million in 2016.
“This growth has been accompanied by a rapid expansion in the number of funded companies and deals,” the report titled “The State of ClimateTech in Africa 2.0: Moving Beyond the Headline Numbers,” stated.
“Between 2016 and 2025, ClimateTech companies raised approximately $6.35 billion across 779 companies,” the research, conducted by Briter, conducted along with Catalyst Fund, BFA Global, FSD Africa and Africa: The Big Deal, added.
Nigeria’s growing profile
The report indicated that Nigeria, Africa’s largest nation by population, is quietly building a reputation as a climate-solution powerhouse, second only to Kenya. It attracted 12.9 per cent of the continent’s total investment between 2019 and 2025.
That said, Kenya, which tops the group of the three largest markets, which also includes South Africa, took more than half of the pool. It implies Nigeria needs to cover a vast swathe of ground within the ecosystem in the years ahead to stand a chance of leading Africa.
The country remains the fintech capital of Africa for years, with fintech revenue currently standing above $14 billion at a compounded annual growth rate of 31.4 per cent. The prestige has ridden a prolonged payments-led boom that has produced unicorns like Flutterwave, OPay and Moniepoint, with valuations above $1 billion.
Nevertheless, the report’s emphasis on climate tech as the newest sweetheart of offshore investors means that sector may end up as the leader of the broader tech industry in a matter of years, provided the current funding tempo doesn’t slow.
READ ALSO: Group urges FG to scale up clean cooking to achieve climate targets
It highlighted areas such as logistics, farmer-to-market links, and post-harvest loss reduction as bright spots where Nigeria can leverage its potential in climate tech.
A case in point is Lagos-based Winich Farms and a generation of new platforms, which it said have drawn inspiration from Twiga Foods, a mobile-enabled B2B supply platform operating from Kenya.
Winich and those others, the research said, are forging ahead where Twiga faced difficulties in its early days, as they are now incorporating market access, embedded finance and logistics, helping them avert costs that otherwise could have gone into building physical infrastructure. Walking that path has also cleared the hurdle for Winich Farm and the rest to link farmers up with off-takers, “rather than assuming demand will follow supply,” it noted.
Universal Insurance Plc, Nigeria’s top underwriter, said it has paid a total of ₦1.35billion in claims during the second quarter of 2026.
This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.
Tge company noted that theu claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.
Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.
“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”
He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.
The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.
As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.
The post Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout appeared first on Business Today NG.
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