AXA Mansard Insurance Plans N18.3bn Rights Issue for Capital

AXA Mansard Insurance Plc is seeking shareholders’ approval to raise up to N18.3bn through a rights issue aimed at strengthening its capital base. This proposal will be presented at the company's 34th Annual General Meeting, scheduled to take place virtually on October 9, 2026.

The rights issue will involve the issuance of new ordinary shares valued at N2 each to existing shareholders in proportion to their current holdings. The final details regarding the offer size, number of shares, issue price, and other terms will be determined by the board, contingent upon obtaining necessary regulatory approvals.

Shareholders will also be asked to authorize the board to increase the company’s issued share capital corresponding to the new shares issued. Additionally, shareholders who do not participate in the rights issue may have their unclaimed shares offered to other interested existing shareholders, subject to regulatory requirements.

Following the rights issue, AXA Mansard will seek approval to amend its Memorandum and Articles of Association to reflect the increased issued share capital.