• Tuesday, July 16, 2024
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Allianz Nigeria receives first tranche of funding required to shore up capital to N18b

Allianz Nigeria

Allianz Nigeria has received the first tranche of capital required to shore up it’s paid up share capital to N18b. This represents 50 percent of the N18 billion target in the ongoing recapitalization of the industry.

Meanwhile, the Company has also announced an increase in its authorized share capital from N10 billion to N18.5 billion following the creation of 17 billion ordinary shares.

The shares have been issued and allotted in favor of the regional legal entity that is the holding company for Allianz Nigeria (Allianz Africa Holding GmbH), and this has been communicated to the National Insurance Commission (NAICOM).

This move to strengthen the capital base of its local operations reaffirms Allianz‘s commitment to business in Africa’s most populous nation, making Allianz Nigeria one of the very few insurers to announce compliance with the new capital regime.

As part of a wider restructuring of the business, Allianz Nigeria had in December 2020 reconstituted its shareholding to make Allianz the sole investor, and further streamlined its business operations by taking the company private, now operating as Allianz Nigeria Insurance Limited.

Other internal changes include the appointment earlier in September 2020 of a new managing director, Adeolu Adewumi-Zer; and executive director, Jaideep Goel to succeed outgoing executives.

In line with corporate governance and regulatory provisions, the Board of Directors in December 2020 approved the appointment of Dickie Ulu, incumbent independent director, as the new chairman of the Board to succeed the outgoing chairman, Fola Adeola who had resigned as Board chair after half a decade of distinct service.

Noting that Adeola’s absence will be felt because of his insightful guidance and wealth of experience, Adewumi-Zer expressed her confidence that Ulu is uniquely qualified to fill this position and steer the Board of the company through the next phase of its transformation, in line with the Allianz Group‘s ambitious growth plans for Africa.

Adewumi-Zer also appealed to customers who have been experiencing challenges in routine claim settlements, that with restructuring of the business now completed, the focus will be to expedite settlement of all outstanding claims.

“As risk bearers, claims settlement is the core of any insurance business and we are fully awake to our obligations to all stakeholders.

Our focus in 2021 will be the fulfillment of such obligations as we rebuild trust in us as the top insurance brand in the world”, she added resolutely.