Coronation Insurance seeks SEC approval for N24bn share buyout

Coronation Insurance Plc has submitted a fresh application to the Securities and Exchange Commission (SEC) to proceed with a scheme of arrangement aimed at buying out minority shareholders and delisting from the Nigerian Exchange Limited (NGX).

The proposed transaction involves Coronation Capital (Mauritius) Limited and its related parties acquiring shares held by other investors. While the scheme was initially approved by shareholders in December 2023, the regulatory review was delayed by pending matters. The company stated these issues have since been resolved, and the SEC requested a formal application following its acknowledgment of the resolution on October 7, 2026.

Under the proposed terms, the consideration for minority shareholders will be determined by the highest trading price recorded for Coronation Insurance shares on the NGX during the six months preceding October 23, 2026. The buyout and subsequent delisting remain subject to final regulatory approvals and court sanctions.