Leadership and Structural Changes at Allianz Nigeria

• Adeolu Adewumi-Zer will take over as MD/CEO of Allianz Nigeria

• She will continue to build and transform Allianz Nigeria into a company ready to secure the future of Allianz Africa stakeholders

• Allianz Group obtains unanimous shareholder approval to purchase all outstanding shares of Allianz Nigeria not held by Allianz.

Allianz Africa has announced leadership and structural changes at Allianz Nigeria. These changes are subject to the approvals of the local regulatory authorities.

Adeolu Adewumi-Zer, currently the Regional Head of Mergers, Acquisitions, and Transformation for Allianz Africa, has been nominated as the MD/CEO of Allianz Nigeria. She will succeed Sunkanmi Adekeye, previously MD/CEO of Allianz Nigeria, and Owolabi Salami, previously Executive Director of the company. Owolabi Salami is retiring and will join the board of Allianz Nigeria as a Non-Executive Director in order to continue his service to the company. Sunkanmi Adekeye is resigning to pursue other opportunities outside the Allianz Group; the company wishes him every success.

Coenraad Vrolijk, Regional CEO of Allianz Africa stated: ‘’I would like to personally thank Owolabi for his service over the past 6 years, and for his engagement throughout the acquisition and the integration of Ensure into the Allianz Group”.

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In her previous role, Adeolu drove one of the three pillars of Allianz’s growth strategy in Africa by pursuing a pipeline of merger and acquisition (M&A) opportunities in its priority markets. She held key executive positions within the Allianz Group, based in three different continents. Adeolu has worked since 2000 in global financial services across numerous mature and emerging markets, beginning her career as an Actuarial and International Benefits Consultant within the Aon Group. She was appointed as the first female board member of Allianz Nigeria in July 2019.

“Adeolu led the acquisition and integration of Ensure Insurance into the Allianz Group in 2018. This deep operational insight into the company, coupled with her close familiarity with its strategic direction from her time as a board member, is what makes her the right fit for the role. She will continue to build and transform our entity into one ready to secure the future of all our customers and partners in her home country of Nigeria”, said Coenraad Vrolijk.

Adeolu is currently based in Nairobi, and will relocate to Lagos in due course.

Also on September 4, shareholders of Allianz Nigeria unanimously voted to accept Allianz’s offer to purchase all outstanding shares of the company which are not currently held by Allianz through a procedure known as a ‘’Scheme of Arrangement’’. After receipt of the approval of the Nigerian Securities & Exchange Commission for the transaction and the sanction of the court, Allianz Nigeria will become a wholly-owned subsidiary of the Allianz Group, and its shares will no longer be tradable on an over-the-counter securities exchange in Nigeria.

“By increasing its investment in Allianz Nigeria, Allianz Group has once again demonstrated its commitment to the Nigerian market. The privatization of Allianz Nigeria under Adeolu’s leadership marks the beginning of an exciting new era for the company,” added the Regional CEO of Allianz Africa.