Fortis Global Insurance Plc has commenced the reconstruction of its share capital following the receipt of all required regulatory approvals, a move that will reduce the company’s issued shares by 75 percent through a share consolidation exercise.
In a public notice issued on June 17, 2026, the insurer disclosed that its 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.
The reconstruction will be implemented on the basis of one new ordinary share for every four existing ordinary shares held by shareholders.
According to the company, the exercise follows approval granted by shareholders at the Extraordinary General Meeting held on April 4, 2025, as well as subsequent regulatory approvals.
To facilitate the reconstruction process, Fortis Global Insurance announced that trading in its shares would be suspended for up to two weeks beginning Wednesday, June 17, 2026.
The company also stated that its register of shareholders would be closed during the period to enable the Central Securities Clearing System Plc (CSCS) and its registrar, PAC Registrars & Investors Services Limited, complete the reconstruction process and produce a new register of shareholders.
A share capital reconstruction, commonly referred to as a share consolidation, reduces the number of outstanding shares while maintaining shareholders’ proportional ownership interests in the company. Under the arrangement, every four existing shares held by investors will be consolidated into one new share.
The exercise is expected to streamline the company’s capital structure and align its share base with its long-term corporate objectives.
Fortis Global Insurance assured shareholders that the reconstruction is being carried out in accordance with regulatory requirements and approved corporate resolutions.
The company said further updates would be communicated to shareholders and the investing public as the reconstruction process progresses.