Coronation Insurance renews plan to buy out minority shareholders

Coronation Insurance Plc has renewed efforts to buy out minority shareholders and delist its shares from the Nigerian Exchange Limited, following the resolution of regulatory issues that stalled the proposed transaction for nearly three years.

In a notice issued on 23 October, 2026, the insurer said it had resubmitted its application to the Securities and Exchange Commission for formal approval of the proposed scheme of arrangement.

The company said the SEC acknowledged on 7 October that the outstanding matters preventing its review had been resolved and requested a fresh application with the required documents.

Coronation Insurance submitted the application on 16 October, 2026.

The proposed transaction dates back to 22 December, 2023, when shareholders approved a scheme of arrangement at a court-ordered meeting. The proposal, initiated by Coronation Capital (Mauritius) Limited and its related parties, seeks to acquire the shares held by other shareholders in the company.

The insurer had applied to the SEC for approval on 27 December, 2023, but the regulator could not proceed with its review because of pending matters.

According to the latest notice, the core shareholders have reaffirmed their interest in completing the transaction, subject to compliance with applicable laws, regulations and market rules.

Under the proposed arrangement, the price payable to minority shareholders will be based on the highest trading price recorded for Coronation Insurance shares on the NGX during the six months preceding the 23 October, 2026 notification, subject to the necessary regulatory approvals.

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The company did not disclose the final consideration payable to shareholders in the notice.

Coronation Insurance said several steps must be completed before the transaction can take effect.

These include obtaining formal approval from the SEC, securing an order from the Federal High Court sanctioning the scheme and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will then pay the scheme consideration to minority shareholders and apply to the NGX to delist its shares.

Completion remains subject to regulatory and court approvals, as well as the required corporate filing.

The insurer advised shareholders and the investing public to exercise caution when trading its shares pending further announcements.

Coronation Insurance said it would continue to update the market on developments relating to the proposed transaction.