Veritas Kapital Seeks Shareholders’ Nod to Raise ₦15bn via Private Placement

Veritas Kapital Assurance Plc has announced plans to raise fresh capital of up to ₦15bn through a private placement, subject to shareholders’ approval at its 48th Annual General Meeting (AGM).

The company said the proposed capital injection is part of its strategic initiatives to strengthen its financial position, enhance business growth, and ensure long-term sustainability in Nigeria’s insurance market.

According to the notice of meeting, the Board of Directors will seek shareholders’ authorisation to raise capital of up to ₦15bn or such other amount as may be determined, through an equity issue by way of private placement.

The offer, when approved, will be executed on terms, conditions, and timelines to be determined by the Board, subject to relevant regulatory approvals from the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and the Nigerian Exchange Limited (NGX).

The company also proposed that its share capital be increased accordingly, with the newly created shares ranking pari passu in all respects with existing ordinary shares.

The amendment of the company’s Memorandum and Articles of Association to reflect the new share capital structure and align with the provisions of the Companies and Allied Matters Act (CAMA) 2020 will also be considered.

Veritas Kapital stated that the Board will be empowered to approve, sign, and execute all necessary documents, and appoint professional advisers to ensure the smooth completion of the capital raise.

The resolutions further empower the Board to take all necessary actions to give effect to the transaction and to ratify all prior actions taken in connection with the proposed capital increase.

In addition to the capital-raising proposal, shareholders will also consider the approval of remuneration for the company’s Non-Executive Directors for the financial year ending December 31, 2025.

The Board has further proposed the appointment of Planet Governance Advisory Limited as the company’s Board Evaluation Consultant for the year.

The planned ₦15bn capital raise reflects Veritas Kapital’s commitment to reposition its operations and enhance its underwriting capacity amid evolving regulatory requirements and increasing competition in Nigeria’s insurance industry.

With the proposed approvals, the company aims to consolidate its capital base, improve shareholder value, and reinforce its role as a key player in the country’s financial services sector.