Shareholders and the investment community await further details, as the proposed acquisition, set at 65 kobo per share, may significantly impact the company’s listing status.

Mary Agha, the Company Secretary, signed the Proposed Share Acquisition notice, revealing that the offer price of 65 kobo per share represents a 30% premium over the company’s last traded price of 50 kobo on August 12, 2021.

However, before the acquisition can be finalized, regulatory approval is required in accordance with section 715 of the Companies and Allied Matters Act, No.3 of 2020, as well as other relevant rules and regulations.

Coronation Insurance Plc emphasized that if all conditions of the acquisition are approved by the Federal High Court, the company will be delisted from the Nigerian Exchange Limited (NGX). Shareholders will receive detailed information about the acquisition during the Annual General Meeting of the company.

Shareholders of Coronation Insurance and the general public are advised to exercise caution when engaging in transactions involving the company’s shares until additional information regarding the proposed acquisition is made available.

Coronation Insurance Plc was initially listed on the NGX on August 31st, 1990, with a total of 23,991,679,506 outstanding shares.

At the end of trading activities, the company’s share price experienced a decline of -3.57%, closing at N0.81 per share. This resulted in a market capitalization of N19.43 billion

Holding at the prestigious Sir Okoya Thomas Indoor Sports Hall in Surulere, Lagos, from June 12th to 18th, 2023, the global tennis competition will play host to notable players such as Nigeria’s very own Quadri Aruna, who will face formidable opponents from China, Tapei, Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland, and Sweden.

The WTT Contender was introduced by the International governing body, ITTF in 2019. This tournament is a prestigious event that showcases the participation of highly skilled professional table tennis players from various countries, both male and female, competing for the championship title. 

The WTT professional tour has energized the elite player base by allowing them to vie for incentives and world ranking points, while also allowing up-and-coming stars of the sport to work their way up the ladder. 

The WTT Contender Series will make its African debut in Durban, Lagos and Tunisia respectively. 

Speaking during the media briefing in Lagos, Mr Olamide Olajolo, the CEO of Coronation Insurance Plc, state that “we are proud to be one of the sponsors of this event.

“We congratulate the LOC for organizing this wonderful event. Coronation Insurance Plc, is one of the top insurance company in Nigeria; hence, we have provided insurance cover for all players in this tournament.

“We recognize that safety is very key for sportspersons. This is a partnership that will grow the sport. We will continue to explore more avenues to support tennis and other sports in Nigeria.”

According to a report issued by the Centre for the Study of the Economics of Africa (CSEA), Sport contribution to Nigeria’s GDP remains low due to inadequate finance and investment. 

Assessing the impact of sports on Nigeria’s GDP, the report shows that the entertainment and recreation sector contributed 0.19, 0.31, 0.33 and 0.35 percentage to the Nigerian GDP in 2019, 2020, 2021 and 2022 respectively.

Coronation is driven by its mission to provide transformational solutions for Africa through various human enterprise. 

Its products and services provide self-sufficiency, financial independence, creation and preservation of wealth for the future.

Similarly, Akinlolu Akinyele, the CEO of Life Assurance, said that “we are excited to be a part of this epoch-making tennis fiesta. Indeed, Sporting tournaments such as the WTT Contender Tournament can be utilized as a medium to democratize wealth creation and access, thereby encouraging participation in all sporting activities in primary, secondary, and tertiary educational institutions. These will help make the sports sector more appealing for the youth to pursue as a career and profitable for businesses”.

He maintained that sports can provide an important platform for youths to develop life skills that will enable them to cope better with everyday life challenges and transition away from drug abuse, violence, and crime.

Coronation Insurance  is a leading financial service partner that helps build enduring legacies that lead to sustainable wealth creation in Africa. 

It offers a wide range of financial solutions to professionals, institutions, and individuals across Africa and globally. It was established to help more people attain financial well-being and prosperity.