Coronation Insurance Plc Approves ₦9bn Private Placement
Coronation Insurance Plc held an Extraordinary General Meeting on April 24, 2026, at which shareholders passed eight special resolutions authorising a capital raise of up to ₦9,257,142,857.76 through a private placement. The filing discloses the approved share issuance price, cost of issuance, and the scope of authority granted to the Board of Directors to execute the transaction.
At an Extraordinary General Meeting held virtually on Friday, April 24, 2026, shareholders of Coronation Insurance Plc passed eight special resolutions authorising the company to raise additional capital of up to ₦9,257,142,857.76 through a Private Placement. The total figure comprises a share issuance consideration of ₦9,000,000,000.00 and issuance costs of ₦257,142,857.76.
The new ordinary shares are to be allotted at a price of ₦2.16 per share, or at such other price as the Board may determine. The shares will rank pari passu in all respects with existing ordinary shares. The share capital of the company is to be increased by the exact number of ordinary shares required to accommodate the placement.
Shareholders authorised the Board to finalise the terms, timeline, and list of potential investors, as well as to appoint all professional parties and execute all necessary agreements. The Board is also empowered to seek regulatory approvals from the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Limited. The Company Secretary, Mary Agha, was authorised to update the share capital structure at the Corporate Affairs Commission and amend the company's Memorandum and Articles of Association accordingly.
