BY NKECHI NAECHE-ESEZOBOR—Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for formal approval of a proposed scheme of arrangement that would allow its core shareholders to acquire the shares held by other shareholders in the company.
According to the notice to Nigeria Exchange Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.
The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.
The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.
The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.
According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.
The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.
The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.
Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.
The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.
The notice added that the company said several steps remain before the scheme can be completed.
These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.
The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.
Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.
The company said it would continue to update shareholders and the investing public on further developments.
It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.
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