Shareholders of African Alliance Insurance Plc approved resolutions at an extraordinary general meeting on 23 September 2026 authorising the board to raise up to ₦12bn to meet recapitalisation requirements under the Nigerian Insurance Industry Reform Act.
The authority covers private placement, rights issue, public offer, sale of assets and a privately placed zero-coupon convertible subordinated debt note, with conversion terms to be set by the board. NAICOM returned control of the insurer to a new board earlier in 2026 after a regulatory intervention that began in October 2024.
