To meet the new minimum capital requirement for the industry, AIICO Insurance Plc has received shareholders’nod to increase its authorized share capital from N10 billion to N18 billion.

The shareholders gave the approval at the Extra-Ordinary General Meeting (EGM) in Lagos.

Its Chairman, Mr. Kundan Sainani, disclosed that AIICO has received the National Insurance Commission’s (NAICOM’s) ‘No Objection’  to its recapitalization plan, which includes a combination of private placement, rights issue and bonus issue.

Its Managing Director, Mr. Babatunde Fajemirokun explained that the private placement is at an advanced stage with investors.