AXA Mansard seeks N18.3bn to strengthen capital base

AXA Mansard Insurance Plc has secured shareholders’ approval to raise up to N18.3bn through a rights issue as the insurer moves to strengthen its capital base.

The approval was granted at the company’s 34th Annual General Meeting held virtually on 9 October, 2026, according to resolutions signed by Company Secretary, Omowunmi Mabel Adewusi.

Under the proposed offer, the company will issue new ordinary shares of N2 each to existing shareholders in proportion to their current holdings, subject to regulatory approvals.

The board will determine the final size of the offer, the number of shares to be issued, the offer price and other terms of the transaction.

The resolutions also permit the company to offer shares not taken up by eligible shareholders to investors who have indicated interest in purchasing additional shares, subject to regulatory requirements.

Following the rights issue, AXA Mansard’s issued share capital will be increased to reflect the new shares allotted, while its memorandum and articles of association will be amended accordingly.

The board was also authorised to appoint advisers, execute relevant documents and obtain the necessary regulatory approvals to complete the transaction.

Shareholders further ratified lawful actions already taken by the board and management in connection with the proposed capital raise.

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The company did not specify a timeline for the rights issue in the resolutions.

At the meeting, shareholders approved the re-election of Kola Adesina, Gbola Akinola, SAN, and Tope Adeniyi as Non-Executive Directors.

They also approved the appointment of Ernst & Young as the company’s external auditor and authorised the directors to determine the auditor’s remuneration and expenses on the recommendation of the audit committee.

Shareholders further fixed the annual remuneration of the Chairman at N2.5m and that of each Non-Executive Director at N1.5 million for the 2026 financial year and subsequent years until reviewed at an annual general meeting.

The statutory audit committee for 2026 will comprise Adebisi Bakare, Henry Akwara and Dayo Afelomo of WSTC Financial Services Limited as shareholder representatives, alongside Abiola Bada and Dan Shuaib as Independent Non-Executive Director representatives of the board.

Shareholders also received the company’s audited financial statements for the year ended 31 December, 2025, together with the reports of the directors, external auditor and audit committee.

The resolutions provide the corporate approvals needed to pursue the rights issue, but completion remains subject to regulatory clearance and the final terms to be determined by the board.