By Chibuzor Alli
Coronation Insurance Plc has revived its plan to take the company off the Nigerian Exchange Limited after regulatory hurdles stalled its proposed buyout of minority shareholders for almost three years.
The insurer has returned to the Securities and Exchange Commission with a fresh application seeking approval for the scheme of arrangement through which its core shareholders intend to acquire shares held by other investors.
The development was disclosed in a notice issued by the company on 23 October, 2026.
According to the notice, the SEC informed Coronation Insurance on 7 October that the outstanding issues that had prevented the regulator from reviewing the proposal had been resolved and directed the company to submit a new application with the required documents.
Coronation Insurance said it complied with the request and resubmitted its application on 16 October, 2026.
The proposed buyout has been in the works since 22 December, 2023, when shareholders approved the scheme at a court-ordered meeting.
The transaction was initiated by Coronation Capital (Mauritius) Limited and its related parties to acquire shares held by the company’s other shareholders.
Although the insurer first approached the SEC for approval on 27 December, 2023, the regulatory review could not proceed because of unresolved matters.
With those issues now addressed, the core shareholders have reaffirmed their intention to complete the transaction, subject to applicable laws, regulations and market rules.
A key element of the renewed proposal is the price to be paid to minority shareholders.
Under the arrangement, the consideration will be determined using the highest trading price recorded for Coronation Insurance shares on the NGX during the six months preceding the 23 October, 2026 notification.
However, the price remains subject to the necessary regulatory approvals, while the company did not disclose the final amount payable to shareholders.
The proposed delisting is still subject to several regulatory and legal steps.
First, the scheme must receive formal approval from the SEC. The company must then obtain an order from the Federal High Court sanctioning the arrangement and file a certified true copy of the order with the Corporate Affairs Commission.
After completing those requirements, Coronation Insurance will pay the scheme consideration to eligible minority shareholders before applying to the NGX for the delisting of its shares.
The company stressed that completion of the transaction remains dependent on regulatory approval, court sanction and the necessary corporate filings.
It also urged shareholders and the investing public to exercise caution when trading in its shares pending further announcements.
Coronation Insurance said it would continue to update the market on developments relating to the proposed transaction.
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