Shareholders of Fortis Global Insurance Plc have given approval to raise additional capital towards strengthening its balance sheet and ensuring compliance with regulatory requirements set by the National Insurance Commission (NAICOM).
At its Annual General Meeting held in Lagos on February 12, 2026, shareholders authorised the board to take all necessary steps to raise funds through equity, debt, quasi-equity, or hybrid instruments, subject to regulatory approvals.
The resolution empowers the board to explore a broad range of funding structures, including ordinary shares, preference shares, bonds, subordinated instruments, convertible securities, rights issues, private placements, and public offers.
The capital raise, according to the company, is intended to ensure continued compliance with NAICOM’s minimum capital thresholds and the evolving risk-based capital framework.
The move comes amid ongoing reforms in Nigeria’s insurance industry, where operators are under pressure to strengthen capital buffers to support underwriting capacity, risk absorption, and long-term sustainability.
Shareholders at the meeting also approved the audited financial statements for the financial years ended December 31, 202,0 through December 31, 2024, alongside the reports of directors, auditors, and the audit committee.
In addition, the appointment of TAC Professional Services as external auditors was ratified, with the board authorised to determine their remuneration.
The AGM further ratified the appointments of Abiodun Sanusi, Nelson Ahaneku, and Nomwen Imariagbotua Emeghalu as directors of the company, while Rohan Fernando and Musa Lawan were re-elected as non-executive directors following retirement by rotation.
As part of governance reforms, shareholders approved an amendment to the company’s Articles of Association to permit general meetings to be held physically or electronically, aligning the insurer’s governance framework with modern corporate practice.
Capital strengthening remains a critical priority for insurance firms seeking to compete effectively, deepen market penetration, and position for growth in an increasingly regulated operating environment.
With the new mandate in place, attention will now turn to the structure, timing, and size of Fortis Global Insurance’s proposed capital raise, as the company moves to reinforce its capital base and strategic positioning within Nigeria’s insurance market.
Fortis Global Insurance has gained 175 percent year to date as its shares closed at N0.55 on Thursday. It has, however, recorded a 10 percent gain over its previous closing price of N0.50.
