Coronation Insurance revives plan to buy out minority shareholders and leave NGX
- Coronation Insurance has filed a fresh application with the SEC to buy out minority shareholders and delist from the NGX.
- The plan, first approved by shareholders in December 2023, was stalled by regulatory issues the company says are now resolved.
- The buyout price will be based on the highest share price in the six months before the 23 October notice, but the amount is undisclosed.
Coronation Insurance Plc is making another push to buy out its minority shareholders and take its shares off the Nigerian Exchange Limited (NGX), a plan that has been stuck for close to three years.
In a notice dated 23 October 2026, the insurer said it has sent a fresh application to the Securities and Exchange Commission (SEC) for approval of the proposed scheme of arrangement.
The company said the SEC confirmed in an email on 7 October that the issues that had held up its review were settled, and asked for a new application with the required documents. Coronation Insurance filed that application on 16 October 2026.
What minority shareholders stand to get
Under the plan, Coronation Capital (Mauritius) Limited and its related parties, the core shareholders, want to buy the shares held by other investors.
The price to be paid will be based on the highest trading price of Coronation Insurance shares on the NGX in the six months before the 23 October notification, subject to regulatory approvals. The company did not state the final amount in the notice.
Shareholders first approved the scheme at a court-ordered meeting on 22 December 2023, and the company applied to the SEC on 27 December 2023. The regulator could not complete its review at the time because of pending matters.
The core shareholders have restated their interest in finishing the deal, subject to compliance with applicable laws, regulations and market rules.
What happens next
Several steps remain before the transaction can take effect. The company still needs formal SEC approval, an order from the Federal High Court sanctioning the scheme, and the filing of a certified true copy of that order with the Corporate Affairs Commission (CAC).
Only after that will it pay the scheme consideration to minority shareholders and apply to the NGX to delist its shares.
For ordinary investors holding the stock, the deal is not yet final, and the payout depends on the approvals and the final price. Coronation Insurance advised shareholders and the investing public to be cautious when trading its shares until further announcements.
The company said it will keep the market updated as the process moves along.