Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for approval of a proposed buyout of minority shareholders, a move that could pave the way for its delisting from the Nigerian Exchange (NGX).
The insurer disclosed that the application, submitted on October 16, 2026, followed the resolution of outstanding matters that had stalled the regulator’s review of its initial application in December 2023.
In a notification to shareholders, the company said the proposed Scheme of Arrangement was approved at a court-ordered meeting on December 22, 2023, following a proposal by Coronation Capital (Mauritius) Limited and its related parties, collectively known as the core shareholders, to acquire the remaining shares in the company.
According to the company, the SEC acknowledged on October 7 that the outstanding matters had been resolved and requested a fresh application with the required documents. Coronation Insurance said it had notified the regulator of the development on September 22.
The proposed transaction would see eligible minority shareholders receive consideration based on the highest trading price of Coronation Insurance shares on the NGX during the six months preceding the latest notification, subject to regulatory approval.
Completion remains subject to SEC approval, sanction by the Federal High Court, registration of the certified sanction order with the Corporate Affairs Commission, payment of the agreed consideration to eligible shareholders and completion of the delisting process with the NGX.
The core shareholders have reaffirmed their interest in proceeding with the transaction, while Coronation Insurance advised investors to exercise caution when dealing in its shares pending further announcements.
Investment experts say the proposed buyout places the spotlight on the fairness of the exit price and the protection of minority shareholders as the transaction moves through the regulatory process.
They note that investors will need to assess the final consideration against the prevailing market price and monitor regulatory disclosures for clarity on the payment process and timeline.
The scheme, if approved and implemented, would provide an exit route for minority shareholders and end Coronation Insurance’s listing on the NGX.