By David Akinmola
AIICO Insurance Plc has strengthened investor confidence with the approval of a N4.39 billion dividend payout and key changes to its board leadership, as shareholders endorsed the company’s strategic direction and governance initiatives at its 2026 Annual General Meeting (AGM).
At the meeting held in Lagos, shareholders approved a dividend of 12 kobo per share, amounting to N4.39 billion, reflecting the insurer’s commitment to delivering value to investors despite a challenging operating environment.
The AGM also ushered in significant changes to the company’s governance structure, with the appointment of three new Non-Executive Directors and the emergence of a new Chairman of the Board.
The newly appointed directors are Tunde Mabawonku, a financial services executive with extensive experience in banking, strategy and digital finance; Rolake Akinkugbe-Filani, a capital markets and energy finance expert; and Sadiq Mohammed, an investment and pension industry veteran with more than three decades of experience across asset management and infrastructure finance.
Industry observers said the appointments are expected to strengthen the board’s expertise in governance, risk management and strategic decision-making as the insurer positions itself for future growth opportunities.
AIICO also announced the appointment of Olalekan Akinyanmi as Chairman of the Board, succeeding Kundan Sainani. Akinyanmi is the founder and Chief Executive Officer of LEKOIL Nigeria Limited and brings more than three decades of experience in the global energy industry, including capital raising and project development.
Speaking on the outcome of the AGM, Managing Director and Chief Executive Officer of AIICO Insurance, Babatunde Fajemirokun, thanked shareholders for their continued support and confidence in the company’s growth strategy.
“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,” he said.
Fajemirokun noted that the board appointments underscore the company’s commitment to strong corporate governance, effective oversight and sustainable value creation.
“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,” he said.
He added that the company remains focused on building a resilient and future-ready financial services group capable of delivering consistent value to shareholders and other stakeholders.
Analysts said the dividend declaration and board restructuring come at a time when insurance companies are strengthening governance and capital positions ahead of the implementation of new industry reforms under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Founded in 1963, AIICO Insurance is one of Nigeria’s leading composite insurers, providing life, general and health insurance as well as investment management services to individuals, corporate organisations and institutions.
