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Allianz injects capital into Nigeria operations

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Naira currency: Ajami must go

post-restructuring

By Rosemary Iwunze

The management of Allianz Nigeria has announced an increase in the company’s authorized share capital to N18.5 billion from N10 billion following the creation of 17 billion ordinary shares.

In a statement, the company said that the shares have been issued and allotted in favor of Allianz Africa Holding GmbH the holding company for Allianz Nigeria.

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The company also said that 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, Ms Adeolu Adewumi-Zer and Executive Director, Mr. 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 Chief Dickie Ulu, incumbent Independent Director, as the new Chairman of the Board to succeed the outgoing chairman, Mr. Fola Adeola who had resigned as Board chair after half a decade of service.

While appealing to customers who have been experiencing challenges in routine claim settlements, Adewumi-Zer said: “With the 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 Allianz as the top insurance brand in the world.”

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