Firm Lists 15bn New Shares On Nigerian Exchange

Veritas Kapital Assurance Plc has listed an additional 15 billion ordinary shares on the Nigerian Exchange (NGX) Limited, effectively doubling its issued share capital and expanding its capital base for growth.

The Nigerian Exchange, in its weekly report, stated that 15 billion ordinary shares of 50 kobo each were listed on the Exchange’s daily official list on August 20, 2026.

“The shares were issued via a private placement at N1.00 per share. With the listing, Veritas Kapital’s total issued and fully paid-up shares have risen from 13.867 billion to 28.867 billion ordinary shares of 50 kobo each.”

The listing also increases the company’s free float on the NGX, potentially improving liquidity and tradability of Veritas Kapital shares. At N1.00 per share, the private placement raised N15 billion in fresh capital for the company.

Veritas Kapital Assurance, a composite insurer, has been repositioning to grow market share in general and life insurance.

The Company said the fresh capital will support expansion in retail and corporate lines, investment in technology, and claims-paying capacity.

The managing director/chief executive officer of the Company, Dr Adaobi Nwakuche, recently highlighted stronger underwriting discipline, improved efficiency and an expanding market presence as key drivers of the business.

The insurer’s unaudited half-year 2026 results showed N11.77 billion in insurance revenue, compared with N12.58 billion recorded in the corresponding period of 2025. Group gross premium stood at N10.93 billion, while insurance service results before reinsurance reached N5.03 billion.

Nwakuche emphasised the importance of disciplined underwriting, investment optimisation, digital capabilities and customer-focused service delivery in driving sustainable growth.

Looking ahead, Veritas Kapital Assurance projected further growth in the third quarter, saying the Company expects N7.29 billion in insurance revenue and N1.45 billion in profit after tax for the quarter ending September 30, 2026.

The latest capital injection is therefore expected to provide additional capacity for the company as it seeks to strengthen its balance sheet, expand underwriting capacity and take advantage of opportunities in Nigeria’s largely underpenetrated insurance market.

With the enlarged share capital, Veritas Kapital now joins a smaller group of listed insurers with share capital above 28 billion units.

Market analysts said the capital raise positions the insurer to strengthen solvency margins, expand underwriting capacity, and meet regulatory capital requirements ahead of the ongoing industry recapitalisation.