AIG suspends investment in AIICO
June 8th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The much awaited alliance between AIG and Aiico Insurance has been put on hold for the time being. This, according to the Managing Director of Aiico Insurance Plc, Mr. David Sobanjo is due to the perception of political instability in Nigeria.
It would be recalled that during the recapitalisation exercise of insurance companies, the American insurance giant, AIG had agreed to invest $15 million as equity Aiico to enable it use the insurance firm as a platform to service the West African sub region.
The investment would enable AIG to operate fully in Nigeria by the beginning of 2007 in the non-life segment of the market.Also, a change of company name from Aiico Insurance Plc to AIG Nigeria is also envisaged.
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