Coronation Insurance Plc has again approached the [Securities and Exchange Commission (SEC)](https://www.sec.gov.ng) to obtain formal approval for a scheme of arrangement that would acquire minority shareholders’ stakes and lead to the removal of its stock from the [Nigerian Exchange Limited (NGX)](https://ngxgroup.com). The application, resubmitted on 16 October 2026, follows the settlement of regulatory issues that had halted the process since December 2023.
Key details of the development include:
- The insurer notified the SEC of the resolved matters on 22 September 2026 and received an acknowledgement on 7 October 2026.
- A fresh application, complete with all required documents, was lodged on 16 October 2026.
- The consideration for eligible shareholders will be based on the highest NGX trading price recorded during the six months preceding the 23 October 2026 notification.
- Core shareholders, led by Coronation Capital (Mauritius) Limited, have reaffirmed their intent to purchase the minority holdings, contingent on regulatory and judicial approvals.
- A company spokesperson said, "We remain committed to completing the scheme in full compliance with all applicable laws, regulations and market rules."
What does the proposed scheme entail?
The arrangement seeks to purchase the shares held by minority investors at a price linked to the peak market price of Coronation Insurance shares on the NGX over the six‑month period ending on the notification date. While the exact monetary figure has not been disclosed, the formula aims to provide an exit route for minority shareholders.
Why were there delays after the December 2023 approval?
Shareholders initially approved the scheme at a court‑ordered meeting on 22 December 2023. However, the SEC could not progress with its review because of outstanding matters that remained unresolved until September 2026. The insurer’s recent communication indicates those issues have now been cleared, allowing the approval process to restart.
What regulatory steps remain?
- The SEC must grant formal approval of the scheme.
- Upon SEC approval, the insurer will petition the [Federal High Court](https://en.wikipedia.org/wiki/Federal_High_Court_(Nigeria)) for an order sanctioning the arrangement.
- A certified true copy of the court order must be filed with the [Corporate Affairs Commission (CAC)](https://www.cac.gov.ng).
- After these approvals, the company can pay the consideration to minority shareholders and apply to the NGX for delisting.
How will the pricing be determined?
The consideration price will reference the highest NGX trading price recorded for Coronation Insurance shares during the six months preceding 23 October 2026. This approach ties the valuation to the notification date rather than the eventual approval or implementation date.
What is the outlook for shareholders?
While the core shareholders have reiterated their commitment, the scheme remains conditional on the SEC’s approval, the Federal High Court’s sanction, and the subsequent CAC filing. No definitive timetable has been provided for completing these steps, and the company has cautioned investors to exercise prudence when trading its shares until further announcements are made.
The proposed delisting would fundamentally alter the company’s ownership structure, transferring minority holdings to the core shareholders and removing the stock from public trading. The development underscores the importance of transparent pricing mechanisms, strict regulatory compliance, and clear communication in Nigerian capital‑market restructurings.