AXA Mansard Insurance approves ₦18.3bn Rights Issue at 2026 AGM

At its 34th Annual General Meeting held virtually on October 9, 2026, AXA Mansard Insurance Plc disclosed that shareholders unanimously approved all resolutions presented at the meeting. The company's audited financial statements for the year ended December 31, 2025, along with reports from the Directors, Auditor, and Audit Committee, were received at the meeting.

Ernst and Young was approved as external auditor, with the Board authorised to fix their remuneration on the recommendation of the Audit Committee. Three directors, Mr Kola Adesina, Mr Gbola Akinola (SAN), and Mr Tope Adeniyi, were re-elected as Non-Executive Directors.

Non-Executive Directors' remuneration was fixed at ₦2,500,000 for the Chairman and ₦1,500,000 for other Non-Executive Directors for the financial year ending December 31, 2026. The central resolution authorises the company to raise up to ₦18,300,000,000 through a Rights Issue of ordinary shares of ₦2.00 each, offered to existing shareholders in proportion to their holdings.

The Board was granted authority to determine the final size, price, and terms of the Rights Issue, subject to regulatory approvals. Shares not taken up by eligible shareholders may be offered to others who indicate interest.

The company's Memorandum and Articles of Association will be amended upon completion of the Rights Issue to reflect the new issued share capital.