Proshare Logo
   Market Date: 27-08-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

AIG withholds $15m investment in AIICO

Category: Archives


  Read (3545)
AIG withholds $15m investment in AIICO

The Managing Director of Aiico Insurance Plc, Mr. David Sobanjo, said on Thursday that the alliance between Aiico and American International Group had been put on hold as a result of Nigeria’s perceived political instability.

 

He said that for now AIG had reneged on its promise to inject $15m as equity participation in Aiico as a result of the unstable pre-election political crisis.

 

At the peak of the recapitalisation programme, the American insurance giant, AIG, had returned to the country and went into an agreement with Aiico to enable it use the insurance firm as a platform to service the West African sub region.

 

AIG then offered to inject $15m as equity participation in Aiico about the same period the International Finance Corporation, an arm of World Bank, also had an agreement with Leadway Assurance Company Limited to inject $14m into the company.

 

Sobanjo, at the preliminary stage of the agreement, which saw representatives of AIG visiting the country, had said that the investment would enable AIG to operate fully in Nigeria by the beginning of 2007 in the non-life segment of the market.

 

He also said that the investment by AIG would most likely reflect in change of company name into AIG Nigeria.

 

Indications also emerged on Thursday that the IFC had paid $14m to Leadway and was going ahead with the board arrangement in spite of the perceived political instability and crisis rocking the insurance sector over recapitalisation. - Punch (Picture & News)

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Archives

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint