Veritas Kapital Assurance Plc to raise ₦15 Billion capital by way of Private Placement

Shareholders of Veritas Assurance Plc (NGX: VERITASKAP) have approved a special resolution authorizing the Boards of Directors of the Company to raise capital of up to ₦15,000,000,000 or such other amount as it may determine by way of a Private Placement.

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The approval to the resolution was given by Shareholders at the 48th Annual General Meeting (AGM) of Veritas Kapital Assurance Plc held on 31st of October 2025 at Shehu Musa Yar’Adua Cener in Abuja.

Following the approval of the capital raise proposal, Shares approved:

That the share capital of the Company be and hereby increased to such amount as may be determined by the Board of Directors ranking pari passu in all respects with the existingmordinary shares of the Company and that the new shares thus created be allotted pursuant to the Equity Issue and registered with the Securities & Exchange Commission, the Corporate Affairs commission and The Nigerian Exchange Limited and consequently that the Memorandum and Articles of Association of the Company be amended accordingly to reflect the Company’s new share capital and any applicable amendment in line with the Companies and Allied Matters Act (CAMA 2020) and the resolution of the AGM thereto.
That the Board of Directors be and hereby authorized to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives of any regulatory authority.
That all acts carried out by the Board of Directors and/or Management of the Company in connection with the above be and are hereby approved and ratified.
That the Board of Directors be and are hereby authorized to perform other acts, take other steps or do all such other things as may be necessary for or incidental to, or as they deem appropriate to give effect to the spirit and intendments of the above resolutions.

About the company

Veritas Kapital Assurance Plc is one of Nigeria’s leading insurance companies.

Veritas Kapital Assurance Plc formerly known as UnityKapital Assurance Plc was incorporated in 1973 as a private liability Company under the name, Kano State Insurance Company.

The company was registered as a general business company; this move was endorsed and approved by the National Insurance Commission (NAICOM) and offers non-life Insurance products and services to individuals and institutions across Nigeria. .