AXA Mansard Insurance Plc plans to open shares left unsubscribed by existing shareholders under its proposed N18.3bn rights issue to other interested investors, creating an additional route for the insurer to complete its planned capital raise.
The company secured shareholders’ approval for the fundraising at its 34th Annual General Meeting held virtually on 9 October, 2026, according to resolutions signed by Company Secretary, Mabel Adewusi.
Under the approved 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 take up their entitlements could leave some of the shares available for allocation to other investors who have expressed interest in purchasing additional shares.
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.
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The proposed fundraising could provide AXA Mansard with additional equity to support its operations and business plans, although the company has yet to disclose the final terms or a timetable for the offer.
The directors will also appoint advisers, execute the necessary documents and obtain regulatory approvals before proceeding with the transaction.
Following completion, the company will amend its memorandum and articles of association to reflect any increase in its issued share capital.
The resolutions did not specify how many shares would be available to other investors if existing shareholders failed to take up their entitlements.
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 further 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 until reviewed at an Annual General Meeting.
The company also constituted its statutory audit committee for 2026 and received its audited financial statements for the year ended 31 December, 2025.
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