AXA Mansard seeks N18.3bn from shareholders through rights issue

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

The proposal is contained in the notice of the company’s 34th Annual General Meeting scheduled to hold virtually on 9 October, 2026.

Under the proposal, the rights issue will involve the issuance of ordinary shares of N2 each to existing shareholders in proportion to their current holdings.

The company said the final size of the offer, number of new shares, issue price and other terms would be determined by the board, subject to regulatory approvals.

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 oversubscription that may arise.

The board will further be empowered to allot the new shares, file the required returns with the Corporate Affairs Commission and take other steps necessary to complete the capital raising.

AXA Mansard said shares not taken up by shareholders during the rights issue period could be offered to existing shareholders who indicate interest in acquiring additional shares, subject to regulatory requirements.

The company will also seek approval to amend its Memorandum and Articles of Association after completion of the rights issue to reflect the increased issued share capital.

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The proposed capital raise is one of the major resolutions to be considered at the AGM, alongside the company’s audited financial statements for the year ended 31 December, 2025.

Shareholders will also vote on the re-election of three directors retiring by rotation. They are: Kola Adesina, Gbola Akinola (SAN) and Tope Adeniyi.

The meeting will also consider the appointment of Ernst & Young as external auditors and authorise the board to determine the auditors’ remuneration.

AXA Mansard is likewise proposing 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 31 December, 2026 and subsequent years until reviewed by the company at an AGM.

Shareholders will also elect their representatives on the Statutory Audit Committee and receive disclosure of managers’ remuneration.

The company said the AGM would also be streamed live online for shareholders, regulators and other stakeholders.

The proposed N18.3 billion rights issue is subject to approvals from the relevant regulatory authorities.