Yemisi Izuora
Shareholders of AIICO Insurance Plc have expressed optimism over the company’s commitment to growth.
They also affirmed support to the leadership of the underwriting firm for its resilience in driving innovative ways that have expanded the firms growth.
These expression of faith were made public during its Annual General Meeting (AGM) held on June 5, 2026.
AIICO’s financial report at the meeting reinforced its position as a leading player in Nigeria’s insurance and financial services sector.
Excited the shareholders reciprocated by approving all resolutions presented.
In a strong 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 ₦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, with over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, as well as 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 role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated:
“We are grateful to our shareholders and investors for their continued confidence and support. Their trust remains a strong validation of our strategic direction and the progress we are making as a business.
The strengthening of our Board reflects our 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, we are well-positioned to enhance the quality of our decision-making and sustain our leadership in the market.
As we continue to evolve as a financial services group, we remain focused 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.