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Great Nigerian Insurance Plc has commenced a N15.6 billion rights issue following approval from the Securities and Exchange Commission (SEC), as the insurer moves to further strengthen its capital position and support the expansion of its operations.
The company disclosed in a notice to shareholders, stakeholders, the National Association of Securities Dealers (NASD), and the investing public that it had secured regulatory approval to offer 6 billion ordinary shares of 50 kobo each at N2.60 per share.
Under the terms of the offer, qualifying shareholders will be entitled to six new ordinary shares for every seven existing ordinary shares held as of the close of business on June 4, 2026, the qualification date for the exercise.
According to the company, the rights issue opened on June 15 and will remain available for subscription until June 26, 2026.
The latest capital-raising initiative comes on the heels of a successful private placement through which the insurer raised N8.2 billion. The exercise increased the company’s combined capital base to N21.3 billion, enabling it to fully comply with the National Insurance Commission’s (NAICOM) minimum capital requirement of N10 billion for life insurance businesses.
Great Nigerian Insurance said the new rights issue is designed to further recapitalise its general business operations and strengthen its financial position beyond NAICOM’s N15 billion minimum capital threshold for general insurance companies.
The insurer explained that the proceeds from the offer would be deployed primarily toward capital injection into its general business segment and the settlement of outstanding claims, in line with commitments made to investors. The company noted that the fresh capital would enhance its underwriting capacity, improve operational efficiency, and position it to take advantage of emerging opportunities within the insurance sector.
It added that rights circulars and application forms would be made available to eligible shareholders through its registrar and other approved channels.
The company advised shareholders seeking additional information on the offer to contact their stockbrokers, financial advisers, or other authorised market operators before the closing date of the subscription window.
