Allianz Nigeria says it has increased the company’s authorised share capital from N10bn to N18.5bn.
The company stated that this followed the creation of 17 billion ordinary shares.
It said this in a statement on Wednesday titled ‘Allianz injects capital into Nigeria operations as local entity completes restructuring’.
The company stated that the shares had been issued and allotted in favour of the regional legal entity that was the holding company for Allianz Nigeria (Allianz Africa Holding GmbH).
It stated that the National Insurance Commission had been informed of the capital inflow.
The company said that this move to strengthen the capital base of its local operations reaffirmed 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, it added, 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.
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