• Fresh capital to support innovation, digital transformation, distribution, bancassurance
• Oversubscribed private placement signals strong investor confidence in firms’ growth strategy
James Emejo in Abuja
Coronation Insurance Plc and Coronation Life Assurance Limited yesterday announced the successful conclusion of their recapitalisation exercise through an oversubscribed private placement.
The development significantly strengthened their capital base, positioning both firms to meet the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The capital raise, which involved the issuance of 4.2 billion ordinary shares, attracted strong investor participation, underscoring market confidence in the companies’ strategic direction, governance framework, and long-term growth outlook.
Commenting on the development, Managing Director/Chief Executive, Coronation Insurance, Olamide Olajolo, said the successful capital raise reflected strong investor confidence in the company’s strategy, governance standards, and long-term vision.
According to Olajolo, the enhanced capital base would enable the company to accelerate innovation, deepen customer engagement, expand distribution capacity, and better position itself to capture emerging opportunities within the insurance sector.
Olajolo reaffirmed the company’s commitment to sustainable growth and delivering insurance solutions that respond to the evolving needs of individuals, businesses, and institutions.
In a statement, Olajolo said, “This successful capital raise is a strong endorsement of our strategy, governance and long-term vision. It reflects the confidence investors have in our ability to build resilient insurance businesses that create lasting value for our customers and shareholders.
“With a stronger capital base, we are well positioned to accelerate innovation, deepen customer relationships, expand our distribution capabilities and capture the opportunities emerging across Nigeria’s insurance sector.
“Our focus remains on delivering sustainable growth while providing insurance solutions that meet the evolving needs of individuals, businesses and institutions.”
Managing Director/Chief Executive, Coronation Life Assurance Limited, Adebowale Adesona, described the recapitalisation as a defining step into the company’s next growth phase.
Adesona stated that the additional capital would strengthen the firm’s ability to invest in talent, technology, and product development.
He said the improved financial position would reinforce Coronation Life Assurance’s commitment to delivering innovative life insurance and wealth management solutions that help customers protect their interests and plan effectively for the future.
Adesona said, “This milestone marks the beginning of our next phase of growth. The additional capital enhances our ability to invest in our people, technology and product development, while strengthening our commitment to delivering innovative life insurance and wealth solutions that help our customers protect what matters most and plan confidently for the future.”
The exercise comes as both insurers prepare for their next phase of expansion, with the fresh capital expected to drive product innovation, accelerate digital transformation, enhance customer experience, and broaden distribution.
The companies stated that the strengthened capital position would further enable them to deepen market penetration while sustaining a disciplined approach to long-term value creation.
They said the additional capital would also support the expansion of their bancassurance partnership with Access Bank, through which insurance products are distributed across one of the country’s most extensive banking networks.
They stressed that the successful recapitalisation had further consolidated their standing as well-capitalised, well-governed insurers committed to sustainable value creation. It had also positioned the firms to accelerate growth, deepen customer relationships, and contribute meaningfully to the continued development of the insurance industry, they stated.