Coronation Insurance Seeks SEC Approval for Minority Buyout

Coronation Insurance Plc (NGX: WAPIC) has renewed its application for regulatory approval to execute a scheme aimed at buying out minority shareholders and subsequently delisting its shares from the Nigerian Exchange Limited. This notice was filed on October 23, 2026.

The proposed transaction was initially approved by shareholders in December 2023 and will enable Coronation Capital (Mauritius) Limited and its related parties to acquire shares held by other investors. The consideration for the buyout will reflect the highest trading price recorded for its shares during the six months preceding the notification.

As of the last trading day, Coronation Insurance shares closed at N2.43, down 21% over the past year. The company must secure formal approval from the Securities and Exchange Commission (SEC) and a Federal High Court order to proceed.

The notice did not specify the exact amount payable per share. The scheme's completion is contingent on fulfilling all regulatory and legal requirements.