Nigeria’s Fortis Global plans major share reduction to 3.23 billion

Fortis Global Insurance Plc. is set to reduce its issued share capital by 75%, marking one of the most significant capital restructuring exercises in Nigeria’s insurance sector this year.

The Lagos-based digital insurance company said it has secured all necessary regulatory approvals to implement a share capital reconstruction plan that will reduce its total issued ordinary shares from 12.91 billion units to 3.23 billion units.

The move follows shareholder approval obtained at an Extraordinary General Meeting and is expected to reshape the company’s equity structure while maintaining the nominal value of each share at 50 kobo.

According to the company, its issued share capital will decrease from N6.46 billion ($4.7 million), represented by 12.91 billion ordinary shares, to N1.61 billion ($1.1 million) comprising 3.23 billion ordinary shares. The reconstruction will be executed on the basis of one new ordinary share for every four existing shares held by investors.

Trading suspension announced

To facilitate the implementation of the restructuring exercise, Fortis Global disclosed that trading in its shares will be temporarily suspended for up to two weeks beginning June 17, 2026.

The company noted that the suspension is necessary to complete the technical processes associated with the share consolidation and ensure an orderly transition to the new capital structure.

Digital-first insurance strategy

Fortis Global Insurance, formerly known as Standard Alliance Insurance Plc, underwent a major corporate transformation before adopting its current identity in May 2025. The rebranding followed a significant capital injection and strategic restructuring aimed at repositioning the company within Nigeria’s evolving insurance market.

The company operates as a digital-first insurer offering life and non-life insurance products to both retail and corporate customers. Its portfolio includes motor, marine, aviation, oil and gas, fire, bond and goods-in-transit insurance, alongside life assurance, annuity, education and critical illness products.

Positioning for future growth

Regulated by the National Insurance Commission (NAICOM) and listed on the Nigerian Exchange (NGX), Fortis Global has increasingly focused on technology-driven insurance services that allow customers to obtain quotes, manage policies and process claims online.

The latest capital restructuring signals another step in the company’s transformation strategy as it seeks to strengthen its balance sheet, enhance shareholder value and deepen its presence in Nigeria’s rapidly digitizing financial services sector.