Veritas Kapital Assurance has unveiled plans to raise N15 billion in fresh capital through a private placement, subject to the approval of its shareholders at the company’s upcoming 48th yearly general meeting.
The move forms a critical part of the firm’s broader strategic objectives aimed at reinforcing its financial foundation, stimulating business expansion, and securing long-term sustainability within
Nigeria’s increasingly competitive insurance landscape.
According to the official notice of the meeting, the directors intend to seek shareholder authorisation to proceed with the capital raise, either up to the proposed N15 billion or another amount as may later be determined.
The equity injection is expected to take place via private placement, allowing selected investors to acquire new shares under terms and conditions to be finalised by the Board. The process will be subject to necessary regulatory approvals from key institutions, including the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and the Nigerian Exchange Limited (NGX).
In anticipation of the capital raise, the company has proposed an increase in its share capital. The additional shares to be issued will hold equal status with existing ordinary shares, ensuring uniform rights and entitlements across the board.
To reflect the expanded share capital, amendments will be made to the company’s Memorandum and Articles of Association in line with the requirements of the Companies and Allied Matters Act (CAMA) 2020.
The board is also seeking shareholders’ backing to proceed with all activities necessary for the successful execution of the capital raise. This includes the authority to approve and sign relevant documents, engage professional advisers, and ratify all previous actions undertaken in connection with the proposed transaction. These provisions are designed to facilitate a smooth and efficient capital-raising process.
Beyond the capital injection, shareholders will deliberate on other key proposals during the AGM. These include the approval of remuneration for the company’s Non-Executive Directors for the financial year ending December 31, 2025.
Additionally, the board has recommended the appointment of Planet Governance Advisory Limited as the company’s Board Evaluation Consultant for the year, in line with corporate governance best practices.
The decision to pursue a N15 billion private placement underscores Veritas Kapital’s ongoing commitment to operational transformation and improved underwriting capacity.
