Guinea Insurance Surpasses ₦15bn Capital Requirement, Awaits NAICOM Verification

By LOVETH-AZODO CHIJIOKE, Lagos

Guinea Insurance Plc has announced that it has surpassed the ₦15 billion minimum capital requirement for non-life insurers following the successful completion of its recapitalisation exercise, positioning the company among operators seeking to comply with the National Insurance Commission’s (NAICOM) new capital regime.

The insurer said it raised about ₦12.6 billion through a hybrid capital raising programme comprising a Rights Issue and a Private Placement, both of which received the necessary approvals from the Securities and Exchange Commission (SEC).

Managing Director of the company, Mr. Ademola Abidogun, said the proceeds from the exercise, combined with the company’s existing paid-up capital, have taken Guinea Insurance above the ₦15 billion minimum capital threshold prescribed for non-life insurance companies, subject to NAICOM’s final regulatory capital verification.

He described the development as a major milestone in the company’s recapitalisation programme, noting that it would strengthen its financial position, improve underwriting capacity and support the delivery of long-term value to shareholders and other stakeholders.

Abidogun expressed appreciation to the company’s shareholders, investors, regulators and professional advisers for their support throughout the capital raising process.

Guinea Insurance also disclosed that the allotment results for both the Rights Issue and the Private Placement would be published in national newspapers on or before August 6, 2026, in line with regulatory requirements.

The company reaffirmed its commitment to concluding the recapitalisation process and said it would continue to keep shareholders, investors and other stakeholders informed of developments, including the outcome of NAICOM’s final capital verification exercise.