Aluko & Oyebode is pleased to have advised Allianz Nigeria Insurance Limited (“Allianz Nigeria” or the “Company”) in connection with the acquisition of the entire shareholding of its minority shareholders by its core shareholder, Société Fonciere Europeenne B.V through a Scheme of Arrangement (the “Scheme”). Following the completion of the Scheme, the Firm also advised Company on its recapitalisation process.
The approval of the minority shareholders for the completion of the Scheme was obtained in September 2020 after which the Securities and Exchange Commission granted its final approval and the Scheme was subsequently sanctioned by the Federal High Court.
Following the issuance of the National Insurance Commission (“NAICOM”) circular which increased the minimum paid-up capital requirements for all insurance license classes, the share capital requirement for Allianz Nigeria was increased to ₦18 Billion. Upon completion of the Scheme, the Company was converted from a public company into a private limited company after which its authorised share capital was increased accordingly. The shares have been issued and allotted in favor of Allianz Africa Holding GmbH, the regional legal entity which is the holding company for Allianz Nigeria. Allianz Nigeria has now received the first tranche of capital required to shore up its capital base.
The Firm’s transaction team was led by Mergers and Acquisitions Partner, Ayodeji Oyetunde, who was assisted by Chiderah Azodoh and Kareemat Ijaiya.