Coronation Insurance Plc Scheme of Arrangement Update 2026

Coronation Insurance Plc, listed on the Nigerian Exchange Limited under the ticker WAPIC, has issued an update on a scheme of arrangement first approved by shareholders at a court-ordered meeting on 22 December 2023. The scheme was proposed by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the Core Shareholders, who seek to acquire the shares held by all other shareholders in the company.

After the company applied to the Securities and Exchange Commission for formal approval on 27 December 2023, the SEC was unable to proceed due to certain pending matters. Those matters have now been resolved. The company wrote to the SEC on 22 September 2026 to request formal approval, and on 7 October 2026 the SEC acknowledged the resolution and requested a fresh application with supporting documents. The company submitted that application on 16 October 2026.

The Core Shareholders have confirmed their continued intention to proceed with the scheme. The consideration price payable to minority shareholders will be the highest trading price recorded for the company's shares on the NGX during the six months preceding 23 October 2026.

Outstanding steps include SEC formal approval, a Federal High Court sanction order, filing with the Corporate Affairs Commission, payment of scheme consideration, and eventual delisting of the company's shares from the NGX.