Follow Us on Google
As the deadline for recapitalisation programme elapses, Guinea Insurance Plc says it has surpassed the ₦15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM), following the successful conclusion of its hybrid capital raising exercise.
The Head, Brand & Corporate Communications of the company, Hanson Ufot, confirms this development to Daily Sun.
According to him, the Company successfully raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC).
The Managing Director, Mr. Ademola Abidogun, affirms that the proceeds from the capital raising exercise, when aggregated with the Company’s existing paid up capital, will position Guinea Insurance above the ₦15 billion minimum capital threshold for nonlife insurers, subject to final regulatory capital verification.
Other News
He described the achievement as a significant step in the Company’s recapitalisation journey, reinforcing its commitment to strengthening its financial position, enhancing its underwriting capacity, and delivering long-term value to shareholders and other stakeholders.
Abidogun expressed appreciation to the Company’s shareholders, investors, regulators and professional advisers for their continued support and confidence throughout the capital raising process.
The Company also added that the results of the allotment for both the Rights Issue and the Private Placement will be made known to the public on or before 6 August 2026, in line with regulatory requirements.
“Guinea Insurance Plc remains committed to completing the recapitalisation process and will continue to keep shareholders, investors and other stakeholders informed of further developments, including the outcome of the final regulatory capital verification exercise” the statement read.
