April 28, (THEWILL) — Coronation Insurance Plc has obtained shareholder approval to raise N9.26 billion in fresh capital, a move aimed at strengthening its financial position and supporting future growth.
The approval was granted at the company’s Extraordinary General Meeting (EGM), held virtually on April 24, 2026, according to a statement signed by Company Secretary, Mary Agha.
The capital raise will be executed through a private placement, enabling the insurer to offer shares directly to selected investors rather than through the public market.
Shareholders authorized the company to raise up to N9.257 billion, comprising N9 billion from new share issuance and about N257 million to cover transaction costs.
Under the resolution, the Board of Directors has the flexibility to adjust the raise amount or issue shares in foreign currency, depending on market conditions.
The shares will be priced at N2.16 each, with the board empowered to identify investors, negotiate terms, and determine the timing of the placement.
The development follows the release of the company’s audited 2025 financial results, which showed a 30.4 percent decline in pre-tax profit to N9.65 billion from N13.81 billion in 2024.
The drop was largely attributed to the absence of foreign exchange gains recorded in the previous year.
Despite this, insurance revenue grew by 51.4 percent to N74.83 billion, while net insurance and investment income surged 148 percent year-on-year to N17.68 billion.
Post-approval, the company’s share capital will be expanded, with new shares ranking equally with existing ones, subject to regulatory approvals.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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