In its bid to meet the regulatory minimum requirement set by the National Insurance Commission (NAICOM), shareholders of AIICO Insurance Plc, will on March 5, 2020, hold an extraordinary general meeting in Lagos to consider the proposal of its board for a fresh capital injection of N3.5bn or more.
In a notice of meeting signed by Donald Kanu, the company secretary/legal adviser and published on the Nigerian Stock Exchange’s website, the directors want the approval of the meeting to raise the capital by way of rights issue to existing shareholders
The additional capital, according to the explanatory notes will enable the company to comply with the May 20, 201 circulars of NAICOM requiring insurance companies providing composite insurance to N18bn.