By David Akinmola
As insurance companies intensify efforts to strengthen governance and position for growth amid ongoing industry reforms, AllCO Insurance Plc has rewarded shareholders with a N4.39 billion dividend payout while unveiling a refreshed bord structure aimed at enhancing strategic oversight and long-term value creation.
At its 2026 yearly general meeting in Lagos at the weekend, shareholders approved a dividend of 12 kobo per share, announced to N4.39 billion, in a move that reflects investor confidence in the insurer’s performance and growth trajectory.
The meeting also marked a significant leadership transitions for the company with the appointment of three new Non-Executive Directors and the emergence of a new chairman, as AllCO seeks to deepen its governance framework and strengthen its competitive position in Nigeria’s evolving insurance market.
The newly appointed directors are Tunde Mabawunku, a financial services professional with extensive experience in banking, strategy and digital financial, governance, and Sadiq Mohammed, an investment management and pension industry veteran with more than three decades of experience across asset management, infrastructure and advisory services.
In addition, stakeholders ratified the appointment of Olalekan Akinyemi as Chairman of the Board, succeeding Kundan Sainani, Akinyemi, founder and Chief Executive Officer of LEKOIL Nigeria Limited, brings over 30 years of experience in the global energy sector, including experience in capital raising corporate strategy and business transformation.
Shareholder of the insurer Adekeye Sunday, who spoke on the development, said the appointment underscore a growing trend among insurance companies to strengthen board capacity with professionals possessing expertise across finance, technology, investment management and governance, as operators prepare for a more competitive environment under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the transition towards risk-based supervision.
Speaking on the outcome of the AGM, the Managing Director/Chief Executive Officer, AllCO Insurance, Babatunde Fajemirokun, expressed appreciation to shareholders for their continued support and confidence in the company’s strategic direction.
Fajemirokun noted that the board appointments reflect the company’s commitment to strong governance, effective oversight and sustainable value creation.
“The strengthening of board reflects 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 decision-making and sustain leadership in the market.
“As we continue to evolve as a financial service group, we remain focused on building resilience, forward-looking institution that consistently delivers sustainable value to all stakeholders,” he added.
