African Alliance Insurance EGM: ₦12bn Recapitalisation Bid

African Alliance Insurance Plc (AFRINSURE) has convened an Extraordinary General Meeting for Wednesday, 23rd September 2026, at 10:00am, at YMCA Hall, 77 Awolowo Road, Ikoyi, Lagos. The meeting is being called in compliance with the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), CAMA 2020, the Investment and Securities Act, 2025, and directives from the National Insurance Commission (NAICOM).

Shareholders will be asked to consider eleven resolutions — four by Special Resolution and seven by Ordinary Resolution. The centrepiece is authorising the Board to raise up to ₦12,000,000,000 through mechanisms including private placement, rights issue, public offer, a zero-coupon convertible subordinated debt note, and asset sales.

Resolution 2 specifically relates to the issuance of a zero-coupon convertible subordinated debt note, with conversion price and terms to be determined by the Board. Resolutions 7 and 8 address the revalidation of legacy shares and a potential increase in the company's share capital if existing unissued shares prove insufficient to meet conversion obligations.

The Register of Members will be closed on 10th September 2026. Proxy forms must be deposited with Carnation Registrars Limited, Lagos, no later than 48 hours before the meeting.