AIICO reports  discrepancies over 474,603,596 shares purchase

By Kayode Tokede

AIICO Insurance Plc, a leading life insurer in Nigeria  has filed a notification of share dealing by an insider involving DF Holdings Limited, its majority shareholder who was reported to have purchased 474,603,596 shares at N1.17k per share at the Nigerian Stock Exchange (NSE).

The notification dated January 7, 2021 and signed by Donald Kanu, Company Secretary confirmed that the transaction took place on December 31st 2020.

However, records from the NSE showed that only 205,997,791 shares were traded on AIICO Insurance stock on December 31st 2020 at an average price of N1.13 per share.

AIICO Insurance specializes in pension and asset management, general and health insurance, annuity, and life assurance and serves corporations, financial institutions, governments, and individuals in Nigeria.

DF Holdings Limited is based in United Kingdom which acts as a holding company and provides administrative services to the group.