Guinea Insurance Plc has reached a major milestone in its recapitalisation exercise, having exceeded the ₦15 billion minimum capital requirement set by the National Insurance Commission (NAICOM) for non-life insurance companies, following the successful conclusion of its hybrid capital raise.
The Company raised approximately ₦12.6 billion through a hybrid offer made up of a Rights Issue and a Private Placement. Both transactions complied with regulatory guidelines and obtained all necessary approvals from the Securities and Exchange Commission (SEC).
According to the Managing Director, Mr. Ademola Abidogun, the proceeds from the capital raising exercise, when combined with the Company’s existing paid-up capital, place Guinea Insurance Plc above the ₦15 billion minimum capital threshold for non-life insurers, subject to final regulatory capital verification.
Mr. Abidogun described the achievement as an important step in the Company’s recapitalisation journey, reinforcing its commitment to strengthening its financial position, enhancing underwriting capacity, and delivering long-term value to shareholders and other stakeholders. He 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 announced that the results of the allotment for both the Rights Issue and the Private Placement will be published in the national dailies 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