Nigeria: Allianz Nigeria Shores Up Capital Base to N18.5 Billion

27 January 2021

Allianz Nigeria, said it has received the first tranche of capital required to shore up its capital base to N18 billion.

The company also said it has restructured its shareholding to make the Allianz group sole-owner, adding that the company will now operate as a limited company.

It, therefore announced changes in its board leadership and named Chief Dickie Ulu as chairman, while Ms. Adeolu Adewumi-Zer is the Managing Director.

Disclosing this in a statement, Adewumi-Zer, said the restructuring also witnessed increase in the company's authorised share capital from N10 billion to N18.5 billion.

She said this was done following the creation of 17 billion ordinary shares, to increase Allianz Nigeria's authorised share capital from N10 billion to N18.5 billion.

She said 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), adding that the National Insurance Commission (NAICOM) has been informed of the capital inflow.

"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", Adewunmi-Zer stated.

According to her, 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.

According to her, other internal changes include her appointment earlier in September 2020, as the new helmsman of the company and appointment of Mr. Jaideep Goel, as the Executive Director to succeed outgoing executives.

She, highlighted other changes made in the company saying, "the new leadership team are Mr. Oyetunji Oshiyoye as Chief Customer Officer; Mr. Uyi Osagie as Chief Financial Officer Ms Abimbola Alabi as Chief People Officer and Mr Enahoro Ikhidero as Chief Technology Officer.

She said in line with corporate governance and regulatory provisions, the board in December 2020, approved the appointment of Ulu, incumbent Independent Director, as new Chairman to succeed the outgoing chairman, Mr. Fola Adeola, who had resigned after half a decade of service.

She noted that Mr. Adeola's absence woul be felt because of his insightful guidance and wealth of experience.

Adewumi-Zer, expressed confidence that Ulu was qualified to fill the position and steer the company through the next phase of its transformation.

Adewumi-Zer also appealed to customers who have been experiencing challenges in routine claim settlements.

More From: This Day

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.