By Emmanuella Opara | October 26th 2026
KEY POINTS
- AXA Mansard Insurance has secured shareholders’ approval for a proposed N18.3bn rights issue.
- Shares not taken up by existing shareholders may be offered to other interested investors.
- The board will determine the final offer size, price and number of shares, subject to regulatory approvals.
- Shareholders also approved board appointments, auditor remuneration and other corporate resolutions.
MAIN STORY
AXA Mansard Insurance Plc may offer shares left untaken by existing shareholders to other investors as it moves towards raising N18.3bn through a proposed rights issue.
The fundraising plan received shareholders’ approval at the company’s 34th Annual General Meeting held virtually on October 9, 2026, according to resolutions signed by the Company Secretary, Mabel Adewusi.
Under the proposed arrangement, the insurer will issue new ordinary shares of N2 each to existing shareholders in proportion to their current holdings, subject to regulatory approvals.
However, shareholders who do not exercise their rights may leave some shares available for allocation to other investors interested in acquiring additional stakes in the company.
The board has been authorised to determine the final size of the offer, the number of shares to be issued, the offer price and other transaction terms.
The company has yet to disclose the final terms or timetable for the proposed offer. The resolutions also did not specify the number of shares that could become available to other investors if existing shareholders decline to take up their entitlements.
To complete the transaction, the directors will appoint advisers, execute the necessary documents and obtain the required regulatory approvals.
Following the completion of the offer, AXA Mansard will amend its memorandum and articles of association to reflect any increase in its issued share capital.
The proposed fundraising would provide additional equity to support the insurer’s operations and business plans, although the company has not disclosed further details on how the proceeds would be deployed.
At the meeting, shareholders also re-elected Kola Adesina, Gbola Akinola, SAN, and Tope Adeniyi as Non-Executive Directors.
They approved Ernst & Young as the company’s external auditor and authorised the board to determine the auditor’s remuneration on the recommendation of the Audit Committee.
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, subject to review at an Annual General Meeting.
The meeting also constituted the company’s statutory audit committee for 2026 and received its audited financial statements for the year ended December 31, 2025.
THE ISSUES
The proposed rights issue would allow AXA Mansard to raise additional equity from existing shareholders while potentially making untaken shares available to other investors.
The final outcome will depend on the offer terms, regulatory approvals and the extent to which existing shareholders exercise their entitlements. Until the company discloses the final terms, the number of shares available to other investors remains uncertain.
WHAT’S NEXT
AXA Mansard’s board is expected to determine the final offer terms and complete the necessary regulatory and transaction processes before proceeding with the rights issue. The company has not announced a timetable for the offer.
BOTTOM LINE
AXA Mansard has obtained shareholder approval for a proposed N18.3bn rights issue that could allow other investors to acquire shares not taken up by existing shareholders, subject to the final terms and regulatory approvals.
