Business
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.
Financial experts, government officials, central bank chiefs, heads of multilateral organisations and other participants are gathered this week in Bangkok, Thailand, for the annual meetings of the International Monetary Fund (IMF) and World Bank scheduled to be held between October 12 and 18.
Participants are expected to deliberate on the disruptive potential of Artificial Intelligence (AI) in the global economy, the widening war in the Middle East and its impact on the global economy, the global energy supply shock, mounting debts, and rising interest rates that pose daunting risks to global economic growth.
IMF Managing Director Kristalina Georgieva says the Queen Sirikit National Convention Centre will host 18,000 people who were registered to attend the meetings, 4,000 more than the last off-site meetings held in Morocco in October 2023.
The IMF has made no significant change to its forecast of 3% global growth in 2026, and the body says some countries are expected to be downgraded because of war and reduced energy exports.
The meetings are also expected to address the growing public debt burden that has slowed growth and worsened inflation, as public debt remains at its highest level since World War Two and will exceed 100% of GDP before 2030, according to the IMF.
Emerging markets and low-income countries are particularly vulnerable, given high public debt levels that will have to be renegotiated at higher interest rates.
Equally important on the agenda is the precarity of platform-driven labour, amid AI-enabled automation and the changing future of work.
On Monday, Ms Georgieva said Artificial Intelligence (AI) could affect about 40 per cent of jobs globally, urging governments to prepare workers for the changing labour market. She described AI as a “slow-moving tsunami” for the labour market, saying it could augment, downgrade or eliminate jobs.
IMF estimates show that AI could affect about 60 per cent of jobs in advanced economies and 23 per cent in low-income countries, reflecting the slower spread of AI rather than greater protection from its effects.
Bangkok
The Bangkok meetings are taking place amid disruptions and a war that has negatively affected energy supplies, especially via the Middle East.
Flights to Bangkok, the host city of this year’s off-site meetings, often route through the Middle East, creating immediate challenges for global travellers heading to Thailand’s capital.
On Sunday, there were attacks on Saudi airports, prompting disruptions to international travel.
The IMF and World Bank’s last off-site annual meetings took place in Morocco in 2023.
Nigeria’s participation
Already, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has arrived in Bangkok, Thailand, to lead the nation’s delegation to the meetings
A statement from the Federal Ministry of Finance said the annual gathering provides Nigeria with an opportunity to engage with international financial institutions and development partners on economic issues affecting the country and its development priorities.
Mr Oyedele’s presence at the meetings is equally expected to allow the Federal Government to present its economic priorities to development organisations and international partners. He is also expected to discuss how external cooperation can support domestic reform efforts.
The finance ministry website also says that, on the sidelines of the meetings, Nigeria will convene investors, project sponsors and public institutions around a curated pipeline of bankable opportunities across strategic sectors. The programme is focused on private-capital mobilisation, food security and infrastructure development. Another event focuses on investor and project-owner conversations at Fairmont Bangkok Sukhumvit.
PREMIUM TIMES newspaper is in Bangkok, Thailand’s capital, to report on the meetings and other policy decisions as they affect the global economy and Nigeria’s domestic affairs.
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