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.
A fugitive drug kingpin, Ntoruka Emmanuel Chinedu, and an ex-international football player, Hunkarin Segun George have been convicted and sentenced to a combined total of 24 years imprisonment by Justice Musa Kakaki of the Federal High Court, Lagos, for unlawful importation of 7.050 kilograms of cocaine into Nigeria.
Chinedu was first arraigned in September 2015 on a one-count charge marked FHC/L/227c/2015 for unlawfully importing 6.250 kilograms of cocaine.
He pleaded not guilty and was admitted to bail, but jumped bail midway into trial and remained at large for nearly 10 years.
He was eventually re-arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) on Tuesday 24th June 2025, at the Murtala Muhammed International Airport, Ikeja, Lagos, while attempting to smuggle 800 grams of cocaine on an inbound Ethiopian Airlines flight from Addis Ababa.
He was a frequent flyer known for conveying clothes from Turkey to Nigeria and foodstuffs from Nigeria to Turkey.
Investigation showed that the convict was coming from Turkey on Ethiopian Airlines flight but transited through Addis Ababa, Ethiopia where he collected the luggage from another person before heading to Nigeria. Further checks revealed that an accomplice who turned out to be a former professional footballer, Segun George Hunkarin, was waiting for Chinedu at the airport carpark to collect the consignment from him. Hunkarin who had stayed years in Brazil playing for football clubs was promptly tracked and arrested at the carpark.
In his statement, Hunkarin claimed that while playing professional football in the South American country, he had only trafficked drugs twice from Brazil to Ethiopia.
Both Chinedu and Hunkarin were subsequently arraigned on a three-count charge marked FHC/L/669C/2025 for unlawful importation of 800grams of cocaine. Delivering judgment on Friday 24th July 2026, Justice Kakaki sentenced Chinedu to 20 years imprisonment without an option of fine for the unlawful importation of 6.250 kilograms of cocaine, and a further two years, also without an option of fine, for conspiring with Hunkarin to unlawfully import 800 grams of cocaine, bringing his total sentence to 22 years. Hunkarin was sentenced to two years imprisonment on the conspiracy charge, bringing the combined jail terms to 24 years imprisonment.
Reviewing the facts of the case, prosecuting counsel, Barrister Adekunle Adebajo, reminded the court that Chinedu had earlier been arraigned before Justice Salihu Saudi (now retired) in 2015 on the same importation charge but vanished after being granted bail. Citing a plethora of legal authorities, the NDLEA prosecutor urged the court to sentence the convicts in line with the relevant provisions of the NDLEA Act.
Defence counsel, Chief Benson Ndakara for Chinedu and Chief Emefo Etudo for Hunkarin, had pleaded with the court for leniency and urged that fine options be considered in lieu of custodial sentences. The court, however, after a careful review of the submissions, cited authorities and tendered exhibits, sentenced both convicts to prison terms without any option of fine.
Reacting to the conviction, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), commended the judiciary for the judgment, describing it as a reaffirmation of the courts’ commitment to ridding the country of drug trafficking and those who perpetrate it, no matter how long they evade justice.
Marwa also commended the officers, men and women of the Agency involved in the arrest, investigation and prosecution of the case, noting that the eventual re-arrest of Chinedu after nearly ten years on the run demonstrated the doggedness, patience and thoroughness of NDLEA operatives in tracking down fugitives and ensuring that no drug trafficker escapes the long arm of the law.
He restated the Agency’s resolve to continue working closely with the judiciary and other stakeholders to ensure that persons involved in drug trafficking, regardless of their status or how long they attempt to evade justice, are brought to book.
Trading in Nigerian stocks last week hit a buoyancy last seen in the market more than six weeks ago, with transaction size accelerating 57.3 per cent to 4.4 billion shares as the earnings season kicked in in earnest.
A few inspiring half-year results, notably that of BUA Cement, were made public, but many more are expected as earnings release reaches fever pitch this week and companies hurry to beat the cut-off date for filing unaudited reports.
Investors will be pricing in companies’ chances of announcing interim dividends as they take position.
PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.
The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.
This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.
United Capital
United Capital tops this week’s pick on the basis of its strong fundamentals. The investment bank’s net profit ratio (NPR) is 51.2 per cent, while the price-to-earnings (PE) ratio is 10.4x. Its 14-day relative strength index (RSI) is 56.2.
Aradel Holdings
Aradel Holdings makes the selection for its strong fundamentals. The NPR of the energy company is 68.7 per cent, while the PE ratio is 8.8x. Its 14-day RSI is 43.2.
Custodian Investment
Custodian Investment appears on the pick on the basis of its robust fundamentals and for trading below its intrinsic value. The NPR of the company is 27.6 per cent, while the PE ratio is 6.3x. The 14-day RSI is 67.4.
Linkage Assurance
Linkage Assurance makes the cut by virtue of its strong fundamentals and for trading below its underlying value. The PE ratio of the insurer is 3.7x, while the 14-day RSI is 36.3.
Fidelity Bank
Fidelity Bank makes the selection on the basis of its strong fundamentals. The NPR of the lender is 16 per cent, while the PE ratio is 3.9x. Its 14-day RSI is 56.
Wema Bank
Wema Bank features on the list for its strong fundamentals and for trading below its underlying value. The NPR of the lender is 30.5 per cent, while the PE ratio is 1.2. Its 14-day RSI is 59.2.