Allianz injects capital into Nigeria operations as local entity completes restructuring

Lagos, January 25, 2021 – Allianz Nigeria has announced an increase in the Company’s authorized share capital from N10 billion to N18.5 billion.

Following the creation of 17 billion ordinary shares, Allianz Nigeria has increased its Company’s authorized share capital from N10 billion to N18.5 billion. The shares have been issued and allotted in favor of the regional legal entity that is the holding company for Allianz Nigeria (Allianz Africa Holding GmbH). The National Insurance Commission (NAICOM) has been informed of the capital inflow.

This move to strengthen the capital base of its local operations reaffirms 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, 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. Rounding out the new leadership team are Mr Oyetunji Oshiyoye as Chief Customer Officer, Mr Uyi Osagie as Chief Financial Officer, Ms Abimbola Alabi as Chief People Officer and Mr Enahoro Ikhidero as Chief Technology Officer.

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 distinct service.

Noting that Mr Adeola’s absence will be felt because of his insightful guidance and wealth of experience, Ms Adewumi-Zer expressed her confidence that Chief Ulu is uniquely qualified to fill this position and steer the Board of the company through the next phase of its transformation, in line with the Allianz Group‘s ambitious growth plans for Africa.

Ms Adewumi-Zer also appealed to customers who have been experiencing challenges in routine claim settlements. She noted that, 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 fulfilment of such obligations as we rebuild trust in Allianz as the top insurance brand in the world”, she added resolutely.