Coronation Insurance Revives Minority Buyout and NGX Exit Plan

A Stalled Scheme Restarts

Coronation Insurance Plc, listed on the Nigerian Exchange under the ticker WAPIC, has revived its plan to leave the public market. In a filing with the NGX dated October 23, 2026, the insurer said it had submitted a fresh application to the SEC on October 16 for formal approval of the scheme of arrangement under which its core shareholders would buy out minority investors.

The process has been a long one. Shareholders approved the scheme at a court-ordered meeting on December 22, 2023, and the company applied to the SEC for formal approval on December 27, 2023. The regulator was unable to proceed with its review because of certain pending matters. Coronation told the SEC in a letter dated September 22, 2026 that those matters had been resolved, and the commission, in an email dated October 7, 2026, asked the company to submit a fresh application with the required documentation. The company says it has also informed the core shareholders — Coronation Capital (Mauritius) Limited and its related parties — who have reaffirmed their interest in proceeding, subject to applicable laws, regulations and market rules.

What Minority Shareholders Stand to Receive

Under the scheme, the consideration payable to minority shareholders will be based on the highest trading price recorded for the company's shares on the NGX during the six months preceding the date of the latest notification. The company has not stated a final amount, because the figure depends on that trading window and remains subject to regulatory approvals.

That pricing mechanism is a material change from the terms discussed when the scheme was first approved in 2023, and it will be the central number for minority investors as the process moves forward. Coronation has advised shareholders and the investing public to exercise caution when dealing in its shares pending further announcements.

The Steps That Remain

The buyout is not yet a done deal. The company still has to secure the SEC's formal approval, petition the Federal High Court for an order sanctioning the scheme, and file a certified true copy of the court's order with the Corporate Affairs Commission. Only after the scheme consideration is paid to minority shareholders would it apply to the NGX for delisting.

The revival also lands in a year in which the NGX has already seen several exits, although Coronation's is a voluntary, shareholder-driven transaction rather than a forced removal. Analysts cited in Monday's coverage described the insurer's recent results as moderately positive and the move as strategic rather than a response to financial distress — a distinction that matters for how minority shareholders judge the price they are eventually offered. If completed, the delisting would take one of the exchange's long-standing insurance names private and leave its public shareholders with a cash exit instead of a listed holding.