The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

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In a notice to shareholders, the investing public, and the Nigerian Exchange (NGX), the insurer disclosed that the exercise follows the approval granted by shareholders at the Extraordinary General Meeting (EGM) held on April 4, 2025.

The notice, signed by the Company Secretary and Legal Adviser, Halima Jimada, stated that the company’s issued share capital will be reconstructed from ₦6.46 billion, comprising 12.91 billion ordinary shares of 50 Kobo each, to ₦1.61 billion, comprising 3.23 billion ordinary shares of 50 Kobo each.

Under the approved arrangement, shareholders will receive one (1) new ordinary share for every four (4) existing ordinary shares held.

To facilitate the reconstruction process, Fortis Global Insurance announced that trading in its shares will be suspended for a period of up to two weeks beginning Wednesday, June 17, 2026.

The company also disclosed that its Register of Shareholders will be closed during the period to enable the Central Securities Clearing System (CSCS) Plc and PAC Registrars & Investors Services Limited, the company’s registrars, to complete the share consolidation exercise and prepare an updated register of shareholders.

According to the company, the temporary suspension of trading and closure of the register are necessary administrative steps required for the successful implementation of the reconstruction.

Share capital reconstruction is a corporate action that reduces the number of shares in issue while preserving shareholders’ proportional ownership in the company. Such exercises are often undertaken to improve a company’s capital structure and enhance the attractiveness of its stock to investors.

Fortis Global Insurance assured shareholders that further information regarding the completion of the reconstruction and the resumption of trading will be communicated through the appropriate regulatory channels.

The development marks a significant milestone in the company’s ongoing efforts to strengthen its capital framework and position the business for future growth.

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The signing ceremony, held at the Company’s headquarters in Lagos, brought together members of the Board of Directors, Management, Issuing Houses, Legal Advisers, Stockbrokers, and other key stakeholders, underscoring strong confidence in Regency Alliance’s future prospects and strategic direction.

The Rights Issue consists of 3,201,000,000 ordinary shares of 50 Kobo each at 95 Kobo per share, offered on the basis of one (1) new ordinary share for every five (5) ordinary shares held.

The offer is aimed at strengthening the Company’s capital base, enhancing underwriting capacity, and funding strategic investments in technology, product innovation, and customer experience.

For shareholders, the Rights Issue presents an opportunity to increase their ownership stake in a company that has consistently delivered value through disciplined underwriting, responsive service delivery, and prudent financial management.

Speaking at the signing ceremony, the Acting Chairman of Regency Alliance Insurance Plc, Chief Wale Taiwo, SAN, described the development as a major step in the Company’s growth journey.

“Today’s signing is more than a formality. It is a statement of belief — belief in our people, our strategy, and the trust our customers and shareholders have placed in us over the years.

This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder that Regency Alliance will be there when it matters most,” he said.

Chief Taiwo also expressed appreciation to shareholders for their continued support and encouraged all eligible investors to participate in the offer.
“We are particularly encouraged by the unwavering support of our shareholders who have stood by the Company throughout its growth journey. We urge all eligible shareholders to take advantage of this Rights Issue and fully exercise their rights. By doing so, they will not only protect their investment from dilution but also participate directly in the exciting growth opportunities that lie ahead for Regency Alliance Insurance Plc.”

Also commenting on the Rights Issue, the Managing Director, Mr. Bode Oseni, said the capital raise would accelerate the Company’s transformation agenda and strengthen its competitive position in the insurance industry.

“Regency Alliance has always prided itself on being agile, customer-focused, and financially sound. The proceeds from this Rights Issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigeria and beyond. We are not merely raising capital; we are raising our ambition,” he stated.

According to him, the Company remains optimistic that shareholders will embrace the opportunity and demonstrate their confidence in Regency Alliance’s future by taking up their rights.

Key Highlights of the Rights Issue

● Purpose: To bolster solvency ratios, support business growth, and invest in digital infrastructure and new product development.
● Shareholder Value: Existing shareholders will be offered the right to subscribe for additional shares in proportion to their current holdings, protecting them from dilution while enabling them to participate in the Company’s future growth.
● Market Confidence: The successful signing reflects strong endorsement from the Company’s advisers and confidence in Regency Alliance Insurance Plc’s governance, risk management framework, and long-term strategy.
● Acceptance Period: The Acceptance List will open on 22 June 2026 and close on 3 July 2026. Eligible shareholders are encouraged to complete and submit their applications within the stipulated period.

Over the years, Regency Alliance Insurance Plc has built a reputation for prompt claims settlement, innovative insurance solutions, and strong corporate governance. The Company serves thousands of individuals and businesses across Nigeria, providing general insurance products that protect lives, assets, and livelihoods.

With all regulatory approvals secured and the Rights Issue Agreement formally executed, the Company will proceed with shareholder communications and offer implementation in compliance with the requirements of the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX).
The Board and Management remain confident that the Rights Issue will receive strong support from shareholders and further position the Company for sustainable growth, enhanced profitability, and long-term value creation.

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