AIICO Insurance Plc has rewarded shareholders with a N4.39 billion dividend payout while unveiling a refreshed board structure aimed at enhancing strategic oversight and long-term value creation.

At its 2026 yearly general meeting in Lagos over the weekend, shareholders approved a dividend of 12 kobo per share, amounting to N4.39 billion, in a move that reflects investor confidence in the insurer’s performance and growth trajectory.

The meeting also marked a significant leadership transition for the company with the appointment of three new non-executive directors and the emergence of a new chairman.

The newly appointed directors were Tunde Mabawunku, a financial service professional with extensive experience in banking, strategy, digital finance and governance, and Sadiq Mohammed, an investment management and pension industry veteran with more than three decades of experience.

The stakeholders ratified the appointment of Olalekan Akinyemi as Chairman of the Board, succeeding Kundan Sainani.

Akinyemi, founder and chief executive officer of LEKOIL Nigeria Limited, brings over 30 years of experience in the global energy sector, capital raising, corporate strategy and business transformation to bear.

Speaking on the outcome of the AGM, the Managing Director/Chief Executive Officer, AIICO Insurance, Babatunde Fajemirokun, expressed appreciation to shareholders for their continued support and confidence in the company’s strategic direction.

Fajemirokun noted that the board appointments reflected the company’s commitment to strong governance, effective oversight and sustainable value creation.

“The strengthening of the board reflects deliberate commitment to robust governance, disciplined oversight and long-term value creation. With the depth of experience and diversity now represented at the board level, we are well-positioned to enhance the quality of decision-making and sustain leadership in the market,” he said.