AXA Mansard Insurance Plc shareholders have approved a plan to raise up to N18.3bn through a rights issue to strengthen the insurer’s capital base.
The shareholders granted the approval at the company’s 34th Annual General Meeting, held virtually on October 9, 2026, according to resolutions signed by the Company Secretary, Omowunmi Mabel Adewusi.
Under the proposed offer, the insurer 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 amount to be raised, the number of shares to issue, the offer price and other terms of the transaction.
The resolutions also authorise the company to offer any shares that eligible shareholders do not take up to investors who have expressed interest in purchasing additional shares, subject to applicable regulatory requirements.
Following the allotment, AXA Mansard will increase its issued share capital to reflect the new shares and amend its memorandum and articles of association accordingly.
The shareholders also authorised the board to appoint advisers, execute the necessary documents and secure regulatory approvals to complete the transaction. They further ratified lawful actions the board and management had already taken in connection with the proposed capital raise.
However, the resolutions did not specify when the rights issue would open or close.
At the meeting, shareholders also re-elected Kola Adesina, Gbola Akinola, SAN, and Tope Adeniyi as Non-Executive Directors.
They 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.
The shareholders fixed the annual remuneration of the chairman at N2.5m and that of each Non-Executive Director at N1.5m for the 2026 financial year and subsequent years, pending any review at an annual general meeting.
The company’s statutory audit committee for 2026 will comprise Adebisi Bakare, Henry Akwara and Dayo Afelomo of WSTC Financial Services Limited, representing the shareholders, alongside Abiola Bada and Dan Shuaib, representing the board as Independent Non-Executive Directors.
Shareholders also received the company’s audited financial statements for the year ended December 31, 2025, together with the reports of the directors, external auditor and audit committee.
The approval gives AXA Mansard the corporate authorisation to pursue the proposed N18.3bn rights issue. However, the insurer must still obtain the necessary regulatory clearances, while the board will determine the final offer terms.
