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Managing Director, Adeolu Adewumi-Zer, Allianz Nigeria, announced an additional capital injection of N9.15 billion from its shareholder, Allianz Africa Holding GmBH (a legal entity of Allianz Africa), which increased the base of Company capital above 18 billion naira.
Adewumi-Zer explained that additional shares must be issued and awarded to all shareholders. Adewumi-Zer said this follows on from last December’s announcement of an increase in the company’s authorized share capital from N10 billion to N18.5 billion. To do this, the company created 17 billion ordinary shares to accommodate the first inflow of capital, he said.
The first tranche of shares had been issued and allocated in favor of the shareholder, Allianz Africa Holding GmBH.
In 2019, the National Insurance Commission (NAICOM) announced the recapitalization of insurance and reinsurance companies operating in the country. The minimum capital base for life and general insurance companies has been increased from N2 billion and N3 billion to N8 billion and N10 billion respectively, while composite insurance companies and reinsurance companies see their minimum capital increase from N5 billion and N10 billion to N18 billion and N20 billion respectively.
While there have been legal interventions restricting implementation, Adewumi-Zer said “out of an excess of caution and with the full support of our parent group, we have managed to import our capital before the deadline set”.
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