By Peter Egwuatu
SHAREHOLDERS of African Alliance Plc have thrown their support to the board and management of the company in their ongoing quest to reposition the firm and ensure it is fully recapitalized before the deadline specified by the National Insurance Commission (NAICOM).
This emerged from the 50th Annual General Meeting, AGM of the firm that was held in Uyo, Akwa Ibom State.
A statement made available to Financial Vanguard revealed that Chairman of the Company, Dr Anthony Okocha, said: “ The company’s recapitalization drive involves a combination of strategies including new equity injection by existing and new investors, assets conversion as well as possible merger.”
He thanked the shareholders for their continuous faith in the business over the years and their support for the recapitalisation drive.
He pointed out that despite the odds, the firm is rapidly on the path to prosperity as evidenced by the improvements in the financial statement.
“There is no doubt we are on the rise again, considering where we were before now. In the period under review, our profit after tax decreased to a loss of N2.4 billion in 2018 from a loss of N6.72 billion in 2017. It is important to note that the bulk of these year-on-year losses were technical arising from the drop in interest rates which significantly affected the returns on annuity assets that accounted for 96 percent of the company’s business portfolio.
“By the time the 2019 results are released, you would see how your company has turned the bend,” Okocha added.
The Managing Director and Chief Executive Officer, Funmi Omo, highlighted the major changes the business has undergone as part of its repositioning for growth.
She stated: “Lately, there has been an aggressive effort towards improving our brand visibility and we have opted to explore the power of technology through digital marketing.