Coronation Insurance Plc has renewed its software for regulatory approval of a scheme to purchase out minority shareholders and delist its shares from the Nigerian Exchange Limited.
The insurer disclosed this in a notice dated October 23, 2026, filed with the NGX.
The proposed transaction, accepted by shareholders in December 2023, would enable Coronation Capital (Mauritius) Limited and its associated events to amass shares held by different traders.
Buyout worth tracks six-month excessive
Coronation Insurance mentioned the consideration payable underneath the scheme would replicate the very best buying and selling worth recorded for its shares in the course of the six months previous the notification.
Coronation is closed at N2.43 per share on Friday and is down 21% within the final one yr.
The pricing stays topic to all required regulatory approvals, and the discover didn’t specify the quantity payable per share.
The firm mentioned its core shareholders had reaffirmed their curiosity in continuing with the acquisition following the decision of issues that beforehand prevented SEC from reviewing the transaction.
- “The Core Shareholders … have confirmed their continued interest in, and intention to proceed with, the Scheme,” the corporate acknowledged.
- It added that implementation should adjust to “applicable laws, regulations, market rules and precedents.”
The insurer should nonetheless get hold of SEC’s formal approval and a Federal High Court order sanctioning the scheme, adopted by submitting a licensed true copy of the order with the Corporate Affairs Commission.
The remaining implementation steps additionally embody paying minority shareholders, making use of to the NGX for delisting and finishing the elimination of its shares from the trade.
Delisting proposal dates to 2023
Nairametrics reported on July 4, 2023 that Coronation Insurance had acquired a proposal from Coronation Capital (Mauritius) Limited to amass shares at 65 kobo every and subsequently delist the corporate. That preliminary provide supplies the background to the transaction now being pursued.
The newest notification introduces a six-month trading-high pricing system, reasonably than stating the unique 65-kobo provide because the consideration payable.
- Shareholders accepted the scheme at a court-ordered assembly on December 22, 2023, and the corporate utilized for SEC’s formal approval 5 days later.
- SEC couldn’t proceed with its evaluation due to sure pending issues, which the insurer now says have been resolved with out disclosing their nature.
- Coronation notified SEC of the decision on September 22, 2026, searching for approval to advance the transaction.
- Following SEC’s October 7 acknowledgement and request for an software with the required paperwork, the insurer submitted its software on October 16.
The renewed software subsequently advances an present proposal, though completion stays depending on the excellent regulatory and authorized necessities.
Audited accounts present concentrated possession
Coronation Insurance’s newest audited monetary statements, overlaying the yr ended December 31, 2025, establish three shareholders with holdings of no less than 5%. Together, they held roughly 66.89% of the corporate’s 23.99 billion issued shares, based mostly on calculations utilizing the disclosed share counts.
The possession figures beneath characterize the year-end audited place and must be distinguished from the corporate’s subsequent shareholding composition.
- Coronation Capital (Mauritius) Limited: 9,794,561,952 shares, equal to roughly 40.82%.
- Reunion Energy Limited: 5,011,809,066 shares, representing roughly 20.89%.
- Coronation Asset Management: 1,242,456,657 shares, equal to roughly 5.18%.
- All remaining shareholders: roughly 7.94 billion shares, or 33.11%, together with administrators and different traders.
The three substantial shareholders collectively held 16.05 billion shares, in accordance with the company’s published 2025 audited report.
However, Nairametrics reported in September 2026 that Coronation subsequently listed about 4.53 billion placement shares, rising its issued shares to roughly 28.53 billion. Consequently, the audited possession percentages shouldn’t be handled as the present post-placement stakes.
The newest scheme discover supplies neither an up to date possession breakdown nor a confirmed fee date and advises traders to train warning pending additional bulletins.
