Fortis Global Insurance Plc has commenced a major share capital reconstruction exercise that will reduce its issued shares by 75 percent, a move aimed at strengthening its capital structure and positioning the company for its next phase of growth.
The insurer disclosed the development in a notice filed with the Nigerian Exchange (NGX), signed by Halima Jimada, company secretary and legal adviser.
Under the reconstruction plan, Fortis Global’s issued share capital will be reduced from N6.46 billion, comprising 12.91 billion ordinary shares of 50 kobo each, to N1.61 billion, comprising 3.23 billion ordinary shares of 50 kobo each.
The exercise will be implemented on a one-for-four basis, meaning shareholders will receive one new ordinary share for every four existing shares currently held.
According to the company, the share capital restructuring follows approvals granted by shareholders at an Extraordinary General Meeting (EGM) held on April 4, 2025, as well as the receipt of all necessary regulatory clearances.
The company noted that the exercise forms part of broader efforts to streamline its share capital structure and align its balance sheet with its long-term strategic objectives.
To facilitate the reconstruction process, Fortis Global announced a temporary suspension of trading in its shares on the Nigerian Exchange.
The suspension, which took effect from June 17, 2026, is expected to last for up to two weeks, during which the company will complete the technical processes required for the capital reorganisation.
Fortis Global also disclosed that its register of shareholders will remain closed throughout the exercise to allow the Central Securities Clearing System (CSCS) Plc and PAC Registrars & Investors Services Limited, the company’s registrars, to finalise the reconstruction and produce an updated shareholder register.
The company explained that the temporary trading halt and closure of the register are necessary administrative steps to ensure the seamless implementation of the share consolidation exercise and the accurate allocation of new shareholdings to investors.
