Coronation Insurance Plc has renewed its application for regulatory approval to buy out minority shareholders, paving the way for a proposed delisting of its shares from the Nigerian Exchange Limited (NGX).
The insurer disclosed this in a filing with the NGX dated October 23, 2026, stating that it resubmitted its application to the Securities and Exchange Commission (SEC) on October 16 after resolving issues that had stalled the regulator’s earlier review.
The proposed scheme involves Coronation Capital (Mauritius) Limited and its related parties, collectively known as the core shareholders, acquiring the shares held by other investors in the company.
The arrangement was approved by shareholders at a court-ordered meeting on December 22, 2023, following an order of the Federal High Court. Coronation Insurance subsequently applied to the SEC for formal approval on December 27, 2023, but the regulator could not proceed with its review because of certain pending matters.
“… the SEC noted its inability to proceed with its review due to certain pending matters. Following diligent and thorough action, these matters have now been resolved,”the notice read.
According to the filing, the company notified the SEC on September 22, 2026, that the outstanding matters had been resolved and requested that the approval process resume.
The SEC acknowledged the resolution of the issues in an email dated October 7 and asked the insurer to submit an application with the required documentation. Coronation Insurance said it complied on October 16.
The company also informed the core shareholders of the development, adding that they had reaffirmed their interest in proceeding with the transaction, subject to compliance with applicable laws, regulations and market rules.
Under the proposed arrangement, minority shareholders will receive consideration based on the highest trading price recorded for Coronation Insurance shares on the NGX during the six months preceding the date of the notification, subject to the required regulatory approvals.
To complete the scheme, the insurer must obtain formal approval from the SEC, secure a Federal High Court order sanctioning the arrangement and file a certified true copy of the order with the Corporate Affairs Commission.
Following these steps, the company intends to pay the scheme consideration to minority shareholders and apply to the NGX to delist its shares.
Coronation Insurance said the transaction remained subject to the outstanding approvals and advised shareholders and the investing public to exercise caution when dealing in its shares until further announcements are made.
The company added that it would keep investors informed of further developments.
