PRESS STATEMENT: CORONATION INSURANCE TO CONCLUDE MINORITY SHAREHOLDER BUYOUT PROCESS FOLLOWING RESOLUTION OF LEGAL PROCEEDINGS.

Lagos, Nigeria Coronation Insurance Plc has reaffirmed its commitment to the proposed acquisition of shares held by its minority shareholders by its core shareholders through a Scheme of Arrangement, following the resolution of legal proceedings that previously delayed the transaction.

The Company confirms that it has recommenced the regulatory approval process, having resubmitted its application to the Securities and Exchange Commission (SEC) on 16 October 2026.

The proposed Scheme, approved by shareholders at a court-ordered meeting held on 22 December 2023, was subsequently delayed by legal proceedings and court injunctions that prevented further implementation. With these matters now resolved, the Company is progressing the transaction in accordance with applicable legal and regulatory requirements.

The Company’s core shareholders have reaffirmed their commitment to the proposed acquisition, subject to the necessary regulatory approvals and fulfilment of all statutory requirements.

The proposed transaction remains subject to the necessary regulatory approvals and completion of all outstanding statutory requirements. Coronation Insurance will continue to engage constructively with the SEC and other relevant stakeholders to ensure that the process progresses in an orderly, transparent and legally compliant manner, while safeguarding the interests of all shareholders.

Coronation Insurance will continue to keep relevant stakeholders informed of material developments as the transaction progresses through the remaining regulatory and statutory stages.