Coronation Insurance restarts minority buy‑out plan and seeks SEC approval for delisting

Coronation Insurance restarts buy‑out plan

On 23 October 2026, Coronation Insurance Plc disclosed that it had filed a new request with the Securities and Exchange Commission (SEC) to authorize a plan for acquiring minority stakes and removing the firm from the Nigerian Exchange Limited (NGX). The insurer said the move follows the resolution of regulatory matters that had prevented the SEC from reviewing the proposal for nearly three years. The notice, filed with the NGX, states that the company had previously applied for SEC approval on 27 December 2023 but could not proceed because of outstanding issues. On 7 October 2026 the SEC acknowledged that those matters had been resolved and requested a fresh application. Coronation Insurance complied, submitting the new application on 16 October 2026. Shareholders endorsed the proposal at a judicially mandated gathering on 22 December 2023, which would enable Coronation Capital (Mauritius) Limited and its affiliates to purchase equity from other investors. According to the terms, the compensation for minority holders is determined by the peak market value of Coronation Insurance stock on the NGX in the half-year prior to the 23 October 2026 notice, provided regulatory consent is granted.

Background

The buy‑out proposal dates back to an offer received in July 2023, when Coronation Capital (Mauritius) Limited proposed to acquire shares at 65 kobo each and delist the company. That offer set the groundwork for the scheme that was later approved by shareholders in December 2023. Coronation Insurance’s audited financial statements for the year ended 31 December 2025 show that three shareholders held at least 5% of the company, collectively owning about 66.89% of the 23.99 billion issued shares. These shareholders held 16.05 billion shares, a figure that represents the year‑end audited position and may differ from the current shareholding structure.

Why it matters

The proposed transaction would remove Coronation Insurance’s shares from the NGX, ending public trading of the insurer’s stock. The company’s shares closed at N2.43 per share on Friday, down 21% over the last year, indicating that a delisting could significantly alter the investment landscape for current shareholders. Finalizing the arrangement requires multiple legal and regulatory actions, including formal SEC sign-off, a Federal High Court ruling validating the deal, and the submission of a certified court document to the Corporate Affairs Commission. Only after these steps can the insurer pay the consideration to minority shareholders and apply to the NGX for delisting.

What happens next

Coronation Insurance has stated that it will continue to update the market on developments related to the proposed transaction. The firm has advised investors and the general public to proceed with care when buying or selling its stock until additional information is released. No specific date has been set for the completion of the scheme, and the final consideration payable to minority shareholders has not been disclosed. Key stakeholders in the insurance company have renewed their commitment to moving forward with the purchase after the issues that previously blocked the SEC’s examination of the deal were settled.