AXA Mansard Insurance has won approval to potentially offer untaken shares from its N18.3bn rights issue to outside investors, broadening access to the planned capital raise beyond existing shareholders. The company secured the go-ahead at its 34th Annual General Meeting held virtually on 9 October 2026, according to resolutions signed by Company Secretary Mabel Adewusi.
Under the arrangement, the insurer will issue new ordinary shares of N2 each to current shareholders in proportion to their existing holdings, subject to regulatory approval. If some shareholders do not take up their entitled shares, those unsubscribed shares could then be offered to other interested investors. The board has been authorised to set the final size of the offer, the number of shares to be issued, the offer price and other deal terms, though the company has not yet disclosed these details or a timetable for completion.
The fundraising could strengthen AXA Mansard's equity position to support its operations and business plans. The board will appoint advisers, execute necessary documents and obtain regulatory approvals before proceeding. Once completed, the company will amend its memorandum and articles of association to reflect any increase in issued share capital.
At the same meeting, shareholders re-elected Kola Adesina, Gbola Akinola, SAN, and Tope Adeniyi as Non-Executive Directors and approved Ernst & Young as external auditor. They fixed the annual remuneration of the chairman at N2.5m and that of each Non-Executive Director at N1.5m for 2026 and subsequent years until reviewed at a future Annual General Meeting.
For investors and savers, the rights issue represents a chance to increase their stake in the insurer at a predetermined price, though existing shareholders will have first access to subscribe for shares in proportion to their current holdings.