A major shareholder of AIICO Insurance Plc (NGX: AIICO) has acquired 300 million units of ordinary shares of the Insurer at N0.70 per share.
Also read; Dangote Sugar Refinery Plc to merge with NASCON and Dangote Rice Limited
According to a Notification of Share Dealing by an insider published on Wednesday and seen by Investogist, AIICO Bahamas Ltd acquired the shares on 1st August, 2023, on the floor of the Nigerian Exchange Limited Lagos.
The 2022 annual financial report of AIICO shows that as at 31 December 2022, AIICO Bahamas Limited owned 10.41 billion shares of AIICO Insurance Plc, representing 28.46% of the total outstanding ordinary shares. It was the second largest shareholder behind LeapFrog III Nigeria Insurance Holdings Ltd which had 11.17 billion shares, representing 30.53%.
AIICO Bahamas Limited was registered with the Corporate Affairs Commission (CAC) on December 14, 2007.
AIICO Bahamas Limited is owned by Chief Dele Fajemirokun.
Dele purchased 11% stake in AIICO Insurance Plc in the early 90s when the Nigerian federal government sold her shares in the company, which made him the 2nd largest shareholder in the company after American Insurance Group (AIG).
Nairametrics reported that in the privatization exercise, the Federal Government did not want an individual or entity to get all of the shares, but Fajemirokun used 11 shelf companies to purchase 1% shares each and legally ended up with all of it.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
