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AXA Mansard Insurance is seeking shareholders’ approval to raise up to N18.3bn through a rights issue to existing shareholders.
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The insurer will issue ordinary shares of N2 each, with the final number of shares, offer price and other terms subject to board and regulatory approval.
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The proposed capital raise is among the major resolutions to be considered at the company’s 34th Annual General Meeting on October 9, 2026.
September 28, (THEWILL) – AXA Mansard Insurance Plc is seeking shareholders’ approval to raise up to N18.3bn through a rights issue as the insurer moves to strengthen its capital base.
The proposal is contained in the notice of the company’s 34th Annual General Meeting scheduled to hold virtually on October 9, 2026.
Under the proposed offer, new ordinary shares of N2 each will be issued to existing shareholders in proportion to their current holdings.
The company said the final size of the offer, number of shares to be issued, issue price and other terms would be determined by the board, subject to obtaining the required regulatory approvals.
Board gets powers to execute offer
Shareholders will also be asked to authorise the board to increase the company’s issued share capital by the number of new shares issued under the rights issue, including any additional shares that may arise from oversubscription.
The board will be empowered to allot the new shares, file the necessary returns with the Corporate Affairs Commission and take other steps required to complete the capital raising.
AXA Mansard said shareholders who do not take up their rights during the offer period could have their unclaimed shares offered to existing shareholders who indicate interest in acquiring additional shares, subject to regulatory requirements.
Following completion of the rights issue, the company will also seek approval to amend its Memorandum and Articles of Association to reflect the increase in issued share capital.
The proposed N18.3bn raise is subject to approval by the relevant regulatory authorities.
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Other AGM resolutions
The rights issue is one of several major resolutions shareholders will consider at the AGM, alongside the company’s audited financial statements for the year ended December 31, 2025.
Shareholders will vote on the re-election of three directors retiring by rotation — Kola Adesina, Gbola Akinola (SAN) and Tope Adeniyi.
The company will also seek approval for the appointment of Ernst & Young as its external auditors and authorisation for the board to determine the auditors’ remuneration.
Shareholders will further consider annual remuneration of N2.5m for the chairman and N1.5m each for independent non-executive directors and other non-executive directors.
The proposed remuneration will apply for the financial year ending December 31, 2026, and subsequent years until reviewed at an AGM.
The meeting will also include the election of shareholder representatives to the Statutory Audit Committee, disclosure of managers’ remuneration and other statutory business.
AXA Mansard said the AGM would be streamed live online to enable shareholders, regulators and other stakeholders to participate.
The proposed rights issue will ultimately increase the insurer’s equity capital if approved and successfully completed, providing additional capital for the company as it continues to expand its insurance operations.
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.
