African Alliance submits recapitalisation plan to NAICOM after handover
African Alliance Insurance Plc has disclosed that it has submitted its recapitalisation plan to the National Insurance Commission and is awaiting further regulatory directives to commence implementation. The insurer made the disclosure in a market update issued to the Nigerian Exchange on Tuesday following an enquiry by NGX Regulation Limited after media reports on insurers Read More:…
African Alliance Insurance Plc has submitted its recapitalisation plan to the National Insurance Commission (NAICOM) and is awaiting further regulatory instructions to begin the implementation process. This announcement was made in a market update to the Nigerian Exchange following an inquiry by NGX Regulation Limited regarding insurers that have fulfilled NAICOM's capitalization requirements.
The company is currently under a regulatory order until June 16, 2026, when control of the insurer will be returned to its shareholders. Discussions between the company's board and management and NAICOM commenced immediately following the handover to advance the recapitalisation programme. The statement revealed that the company has submitted its capital raising plan to NAICOM and is presently awaiting additional regulatory directives to enable the implementation of the proposed recapitalisation.
African Alliance Insurance reiterates its commitment to complying with all regulatory requirements and promises to continue engaging with NAICOM as it progresses with the recapitalisation exercise. The insurer also assures its shareholders, the Nigerian Exchange, and the investing public that it will provide updates on any material developments in accordance with NGX Issuers’ rules and other applicable regulatory obligations.
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