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By Henry Uche
Guinea Insurance Plc has reaffirmed its readiness to comply fully with Nigeria’s tougher insurance regulatory framework as outlined in the Nigeria Insurance Industry Act (NIIRA) 2025, assuring shareholders, customers and other stakeholders of its preparedness to meet the new demands of the sector.
The new law introduces far-reaching changes that reshape the financial, operational and administrative landscape of the insurance industry, with implications for customer experience, shareholders’ returns and overall stakeholder confidence. Against this backdrop, Guinea Insurance said it is positioning itself to align swiftly with the emerging standards while strengthening its long-term competitiveness.
In a statement, the Head, Brand and Corporate Communications, Mr. Hanson Ufot, disclosed that the Board and Executive Management of the company recently paid a strategic courtesy visit to the National Insurance Commission (NAICOM) in Abuja. The delegation was received by the Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Ayo Omosehin, alongside members of the commission’s management team.
The visit comes as insurance underwriters across the country prepare for the recapitalisation deadline set under the industry’s ongoing restructuring programme. Guinea Insurance pledged full compliance with the recapitalisation and restructuring requirements, reaffirming its resolve to strengthen its capital base in line with regulatory expectations.
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According to the company, the engagement with NAICOM provided an opportunity to highlight its readiness to solidify its capital position ahead of the National Insurance Industry Restructuring and Recapitalisation programme. This step, the company noted, is critical to enhancing its capacity to unlock emerging business opportunities and deliver sustainable, long-term value to shareholders and other stakeholders.
The delegation was led by the Chairman of the Board, Mr. Temitope Borishade, and included the Managing Director and Chief Executive Officer, Mr. Ademola Abidogun. Discussions during the meeting focused on evolving regulatory developments, industry trends and Guinea Insurance’s ongoing initiatives to strengthen operational capacity and improve customer experience across all touchpoints.
Speaking at the engagement, Borishade said the visit underscores the company’s commitment to deepening collaboration with the regulator, promoting transparency and ensuring strict compliance with industry rules. He added that Guinea Insurance’s capital strengthening efforts and operational reforms position it to serve customers, shareholders and partners more effectively in a more demanding regulatory environment.
“This courtesy visit underscores our dedication to raising industry standards, strengthening stakeholder confidence, and building a more resilient and competitive organisation in the Nigerian insurance landscape,” he said. “We remain committed to building a resilient, innovation-led and trusted brand that consistently exceeds expectations.”
Meanwhile, some policyholders contacted expressed cautious optimism, noting that they would closely monitor how insurers deliver on their commitments under the new regulatory regime. Several said they intend to assess the real impact of NIIRA on customers, businesses and the wider economy by mid-2026.
