Coronation Insurance to raise N9.26bn via private placement

By Damilare Adeleye

Coronation Insurance Plc has announced plans to raise up to N9.26 billion in fresh capital through a private placement, as part of strategic moves to strengthen its balance sheet and meet regulatory and growth objectives.

The approval was granted at an Extraordinary General Meeting (EGM) held virtually on April 24, 2026, where shareholders passed a series of resolutions authorising the capital raise and associated actions.

In a statement filed on Nigerian Exchange Limited on Monday, the company secretary, Mary Agha, disclosed that the company was empowered “to raise additional capital of up to N9,257,142,857 or such other amount or the equivalent in foreign currency as the Board of Directors may determine, through a Private Placement.”

The raise comprises a combination of new share issuance valued at N9 billion and associated costs estimated at N257.14 million.

To execute the transaction, shareholders further approved an increase in the company’s share capital by the exact number of ordinary shares required for the placement, with the new shares to rank pari passu with existing shares.

The board was also authorised to allot the shares “at a price of N2.16 (or as otherwise determined by the Board)” to selected investors under terms it deems appropriate.

The shareholders also granted the board broad discretion to finalise the structure and timeline of the deal, negotiate with prospective investors, and appoint professional advisers to ensure successful execution.

In addition, the board is mandated to secure all necessary regulatory approvals, including from the National Insurance Commission (NIC), the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited.

The company secretary was also authorised to update statutory filings with the Corporate Affairs Commission (CAC), including amendments to the firm’s Memorandum and Articles of Association to reflect the new capital structure.

Shareholders additionally ratified “all steps already taken by the Board of Directors in connection with the proposed capital raise through Private Placement.”

Nigerian NewsDirect reports that the capital injection is expected to bolster Coronation Insurance Plc’s underwriting capacity and support expansion initiatives.