African Alliance Insurance Secures N12 Billion Capital Raise

African Alliance Insurance Plc has secured shareholder approval to raise up to N12 billion in fresh capital, aimed at strengthening its balance sheet and meeting regulatory capital requirements. This approval was granted during the company’s Extraordinary General Meeting (EGM) held on September 23, 2026, where shareholders unanimously supported resolutions for the insurer’s recapitalisation programme.

This initiative follows the National Insurance Commission (NAICOM) returning operational control of the company to a newly constituted board after a regulatory intervention that began in October 2024. Shareholders authorized the Board of Directors to raise the capital through various financing structures, including equity and debt instruments, depending on market conditions.

Additionally, plans for issuing a convertible debt instrument were approved, providing the company with flexibility in structuring the fundraising. The resolutions allow the Board to implement the recapitalisation programme and appoint professional advisers, ensuring compliance with regulatory requirements from the CAC, NAICOM, SEC, and other authorities.