Guinea Insurance Plc’s Gets Shareholders Nod For Capital Raise Plan

Shareholders have backed Guinea Insurance Plc plan on recapitalization plan.

The Company reached this significant milestone in its transformation journey, as shareholders approved the Board’s capital raise plan at a recent Extraordinary General Meeting (EGM) held virtually in Lagos.

The meeting, conducted in full compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020, saw strong participation from shareholders, regulators, and key stakeholders, reflecting broad confidence in the company’s strategic direction

 

Following resolutions passed at its Extraordinary General Meeting (EGM), Guinea Insurance Plc is advancing a comprehensive recapitalisation programme designed to strengthen its financial foundation and position the Company for sustainable growth. Shareholders approved the increase of the Company’s minimum issued share capital from ₦4.0 billion (8 billion ordinary shares of 50 kobo each) to ₦19.0 billion (38 billion ordinary shares of 50 kobo each), alongside a plan to raise up to ₦15.0 billion in additional equity through a combination of Rights Issue and Private Placement. This follows the receipt of a No-Objection approval from the National Insurance Commission (NAICOM), reflecting regulatory confidence in the Board’s strategy and providing a clear pathway to reinforce the Company’s capital base.

 

Beyond balance sheet strength, the expanded capital structure is deliberately designed to provide the financial headroom required to stimulate targeted investments in technology, data driven underwriting, digital distribution and service automation. These investments will support operational efficiency, faster turnaround times and more personalised customer engagement, reinforcing the Company’s ability to deliver consistent and rewarding experiences across all stakeholder touchpoints.

 

Speaking at the Extraordinary General Meeting, the Chairman of the Board, Mr. Temitope Borishade, described the shareholders’ approval of the recapitalisation plan as a pivotal milestone in Guinea Insurance Plc’s transformation journey. He emphasised that the capital raise would strengthen the Company’s balance sheet, restore its statutory capital position, enhance underwriting capacity, and support long-term strategic growth initiatives.

 

“The overwhelming support of our shareholders reflects their confidence in the Board and Management’s strategy to rebuild Guinea Insurance Plc into a stronger, more resilient, and more competitive insurer,” Mr. Borishade said. “This recapitalisation plan is not only a regulatory requirement but also a strategic opportunity to create sustainable value for all our stakeholders.”

 

The Board further reaffirmed its commitment to transparency, robust governance, and the prudent deployment of the capital to be raised, working closely with regulators and professional advisers. This initiative underscores a strategic dedication to building a resilient, forward-looking insurer capable of meeting the expectations of policyholders, investors, regulators, and partners, while supporting broader economic activity and delivering sustainable returns to shareholders.

 

Following the successful approval of all resolutions, the Company will now proceed with the required regulatory filings and implementation steps to execute the Rights Issue and Private Placement.

Over 100 APC supporters dump party for ADC in Kebbi

No fewer than hundred thousand supporters of the All Progressives Congress, APC, in Lega Local Government Area of Kebbi State have dumped the party.

The APC supporters joined the African Democratic Congress, ADC, in a mega defection rally held at the weekend.

According to ADC mobilization X handle, the defectors were over 120,000.

DAILY POST reports that the embattled for Minister of Justice and Attorney General of the Federation, Abubakar Malami, who is from Kebbi State, has been wooing politicians into the opposition party.

The former Minister, who is currently being detained by the Economic and Financial Crimes Commission, was one of the opposition figures that adopted ADC as platform for the 2027 general elections.

The party has received significant numbers of defectors across the country.

PDP crisis: Turaki-led faction heads to court over sealed National Secretariat

The internal crisis within the Peoples Democratic Party, PDP, has deepened, with the Kabiru Turaki (SAN)-led faction heading to court over the continued sealing of the party’s national secretariat in Abuja.

In a suit filed at the Federal High Court, Abuja, the faction is seeking an order compelling the Inspector-General of Police and the Nigeria Police Force to immediately unseal and vacate the PDP national headquarters, as well as all other party offices across the country.

Court filings show that the request is contained in a Motion on Notice brought by the plaintiffs through their lead counsel, Chief Chris Uche (SAN).

The application asked the court to issue a mandatory injunction directing the police to remove all barricades and withdraw from the party’s offices without delay.

The PDP national secretariat was sealed in November following violent clashes between two rival factions of the party one led by Turaki and the other aligned with the Minister of the Federal Capital Territory, Nyesom Wike.

Tension escalated after both factions fixed meetings at the headquarters on the same day, prompting police intervention.

Tear gas was reportedly deployed before the premises were locked and cordoned off with barbed wire.

As a result of the closure, the Turaki-led National Working Committee was unable to hold its postponed inaugural meeting at the secretariat.

Turaki had emerged as national chairman at the party’s national convention held in Ibadan, Oyo State, in November.

However, the Wike-aligned faction rejected the convention, arguing that it breached existing court orders restraining the PDP from holding the exercise.

Ahead of the convention, Justices James Omotosho and Peter Lifu of the Federal High Court, Abuja, had issued orders stopping the PDP from conducting its scheduled November 15 and 16, 2025 convention.

Despite this, a High Court in Ibadan later granted an ex parte order allowing the party to proceed.

At the Ibadan convention, the party announced the expulsion of Wike, the embattled national secretary, Samuel Anyanwu, the factional chairman Mohammed Abdulrahman, and eight others over alleged anti-party activities.

In the fresh suit marked FHC/ABJ/CS/252/2025, the PDP, alongside Turaki and the chairman of its Board of Trustees, Senator Adolphus Wabara, asked the court to restrain the police from further interference in the party’s affairs.

The Inspector-General of Police and the Nigeria Police Force are listed as defendants.

The plaintiffs specifically sought an order compelling the police to immediately remove all barricades, unseal and vacate the PDP national secretariat at Wadata Plaza, Wuse Zone 5, Abuja, and its annex, Legacy House in Maitama, pending the determination of the suit.

They also requested an order restraining the police from sealing, occupying or restricting access to any PDP office nationwide during the pendency of the case.

In their arguments, the plaintiffs contended that the police acted without lawful authority when they sealed and occupied the party’s offices from November 18, 2025, and have remained there since.

They maintained that Turaki and Wabara are principal officers charged with the party’s administration and management.

An affidavit in support of the motion was sworn to by the PDP national secretary, Taofik Arapaja, who stated that the party held its elective national convention in Ibadan on November 15 and 16, 2025, where new officers, including Turaki as national chairman, were elected.

He added that the Independent National Electoral Commission was duly notified of the outcome on November 17, 2025.

Arapaja explained that the party merely informed security agencies, including the police and the Department of State Services, of an emergency stakeholders’ meeting scheduled for November 18, 2025, and requested security coverage.

Instead, he alleged, a large contingent of police officers led by the FCT Commissioner of Police stormed the secretariat, fired over 200 tear gas canisters and sealed the premises.

He further claimed that party officials, staff and visiting governors, including those of Bauchi and Oyo states, were denied access to the building.

According to the affidavit, the police action was taken without any valid court order and amounted to an unlawful occupation of PDP property.

The party argued that the prolonged closure of its secretariat has severely disrupted its operations, including administrative coordination, policy formulation, membership management and preparations for future elections.

The plaintiffs also insisted that the police, as an institution established under the Nigeria Police Act 2020, must not act in a partisan manner.

They urged the court to grant the application, arguing that the balance of convenience favours the PDP and that monetary compensation would not adequately remedy the damage if the reliefs are refused.

Granting the application, they maintained, would serve the interest of justice and dispel any perception that the court is endorsing the police action. action is being endorsed by the court.

Kebbi youths protest, demand release of Malami from EFCC custody

​Some youths in Kebbi State on Saturday staged a peaceful protest in Birnin Kebbi, urging the Economic and Financial Crimes Commission, EFCC, to release former Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

The protesters described Malami’s continued detention as unjustified and prolonged, despite an ongoing investigation into alleged financial misconduct during his tenure.

Malami, who served under former President Muhammadu Buhari, has been in EFCC custody since early December after reportedly failing to meet administrative bail conditions.

The investigation reportedly involves issues related to the handling of recovered Abacha loot, alleged abuse of office, and other financial matters.

Malami and his supporters, however, have denied the allegations, claiming the probe is politically motivated, particularly in light of his recent political activities and defection to the African Democratic Congress, ADC.

The protest comes amid rising tensions, with Malami’s camp accusing the EFCC of bias and calling on the commission’s chairman to recuse himself from the case.

A High Court of the Federal Capital Territory, FCT, had earlier upheld Malami’s detention, dismissing his bail application.

His supporters argue that he should either be formally charged in court or released, citing constitutional provisions against unlawful detention.

The EFCC has denied claims of political persecution, insisting that its actions are guided strictly by law and due process.

Kogi Poly sacks lecturer over alleged sexual misconduct

Kogi State Polytechnic has terminated the appointment of a lecturer named Mukhtar Muhammed over alleged sexual misconduct involving a student.

The institution also dismissed another staff member, Funmilayo Afolabi for prolonged absence from duty, having allegedly stayed away from work for nine months.

 

The decisions were disclosed in a statement issued on Sunday by the Director of Public Relations and Protocol of the polytechnic, Mrs. Uredo Omale, following the 72nd Regular Meeting of the Governing Council.

 

According to the statement, the meeting was presided over by the Chairman of the Council, Barrister Sani Shaibu and held on Friday December 19, 2025 at the institution’s Council Chamber.

 

Omale said the council approved the termination of Mr. Muhammed, an Administrative Officer II after considering the recommendations of the Appointments, Promotions and Disciplinary Committee over allegations of sexual misconduct. Mrs. Afolabi, an Assistant Chief Executive Officer, was dismissed for abandoning her duties for nine months without approval.

 

On other disciplinary matters, the council also approved the demotion of a Deputy Registrar, Mr. Audu Mathew, to the rank of Principal Assistant Registrar for negligence of duty, reaffirming the institution’s zero tolerance for misconduct and dereliction of duty.

 

In addition to disciplinary actions, the council approved the promotion of 11 Principal Lecturers to the rank of Chief Lecturer.

 

The council also approved the promotion of 49 academic staff and 71 non-teaching staff for the 2024 promotion exercise, as well as 225 academic staff and 227 non-teaching staff for the 2025 exercise.

 

The statement noted that the decisions were part of efforts to strengthen discipline, reward merit and improve service delivery within the polytechnic.

Yuletide: Osun NSCDC deploys 1700 personnel, tightens security

Osun State Command of the Nigeria Security and Civil Defence Corps, NSCDC, has deployed 1700 personnel in anticipation of influx of visitors into the state during the Yuletide season.

The deployment is also to ensure the safety of lives and adequate protection of critical national assets and infrastructure across the state.

The State Commandant of NSCDC, Igbalawole Sotiyo, disclosed this in a statement issued by the Command Spokesperson, Adeleke Kehinde on Monday in Osogbo.

Sotiyo noted that a comprehensive security arrangement aimed at guaranteeing a peaceful and hitch-free celebration has been put in place.

“The festive period usually records a significant rise in human and vehicular movement as residents and visitors stream into the state, thereby requiring strengthened security arrangements.

“Area Commanders and Divisional Officers have been directed to strategically deploy personnel to places of worship, markets, motor parks, recreational centres, Critical Infrastructure and other identified flashpoints across the state,” he said

While issuing a marching order to all Divisional Officers to remain proactive and vigilant, Sotiyo stressed that the Command is working in close synergy with sister security agencies to ensure round-the-clock security before, during and after the festivities.

Commandant Sotiyo made it known that, “the deployment is reinforced with intensified visibility patrols, intelligence-led operations and rapid response teams to promptly address any security threat.”

While warning miscreants and criminal elements to steer clear of Osun State during and after the celebration, the Osun NSCDC boss emphasised that the Command would not hesitate to deal decisively with anyone attempting to disrupt public peace and order.

He called on residents to complement security efforts by promptly reporting suspicious movements in persons or activities to the nearest security agency.

Assuring members of the public of the Corps’ unwavering commitment to a safe and secure Osun State, he wished residents of the state a Merry Christmas and a prosperous New Year.

Tinubu cautions Nigerians against alcohol, vows to defeat bandits, terrorism

As Nigerians head into 2026, President Bola Tinubu has declared his administration would defeat banditry and terrorism in the country.

This was as Tinubu warned Nigerians against the intake of alcohol and becoming endangered to anybody’s life during the Yuletide season.

Tinubu spoke while receiving organisers of Eyo Festival who paid homage to him at his Lagos residence, ahead of the Eyo Festival scheduled for December 27.

He urged Nigerians to be moderate in their enjoyment during the Yuletide season.

According to Tinubu: “I’m happy for this great cultural remembrance and rekindle of our culture, it’s a great honour to come back home to meet our people happy, healthy for the celebration of Eyo carnival in peace, harmony, love, and brotherhood.

“We continue to pray to God Almighty that the coming Christmas will be a joyous one for everyone of us.

“The coming holidays will not be a disaster for Nigeria, God will bless all of you, you stay in peace, rejoice in peace, dance in peace, no alcohol, no danger to anybody’s life,  and everybody is a member of this great family.

“Eko is progress, Nigeria is making progress and it’s a result of this progress that we are all rejoicing in this period.

“God would bless you, bless Lagos, bless Federal Republic of Nigeria, and I assure you that we will defeat banditry and terrorism.”

TCN records 131 vandalism cases in 2025

k

The Transmission Company of Nigeria recorded 131 cases of infrastructure vandalism across its network in 2025, even as it achieved a historic milestone in electricity transmission, the company has said.

The Managing Director and Chief Executive Officer of TCN, Sule Abdulaziz, disclosed this in his end-of-year message to staff, partners, and stakeholders, in which he described 2025 as a “remarkable and historic year” for the company and Nigeria’s electricity industry.

Despite the challenges posed by vandalism and other operational constraints, Abdulaziz announced that TCN recorded an all-time peak electricity transmission of 5,801.84 megawatts on March 4, 2025. The achievement was accompanied by a maximum daily energy delivery of 128,370.75 megawatt-hours nationwide, the highest ever recorded on Nigeria’s national grid.

According to him, the milestone was driven by deliberate investments in infrastructure rehabilitation, expansion of transformer capacity, and sustained maintenance of transmission assets.

“Dear colleagues, valued partners, and stakeholders, as we come to the end of another challenging and remarkable year at TCN, I want to take a moment to express my heartfelt gratitude and appreciation for the incredible dedication and resilience you have all shown,” Abdulaziz said.

“No doubt, this year has presented its unique set of challenges, from evolving regulatory landscapes to the persistent issues of infrastructure vandalisation and liquidity constraints that affect our operations. Yet, it is in overcoming these obstacles that the true strength of our team shines through.

“This year, we made deliberate strides to strengthen our infrastructure, rehabilitate ageing assets, and expand transformer capacity across the country. With these efforts, TCN’s wheeling capability has grown to 8,700MW, ensuring that we are better prepared to support the nation’s increasing demand for electricity.

“A highlight of our progress came on March 4, 2025, when TCN transmitted an all-time peak generation of 5,801.84MW with a maximum daily energy of 128,370.75MWh delivered nationwide; the highest ever recorded in the country’s history,” he added.

Between January 2024 and November 2025, Abdulaziz said TCN commissioned 82 new power transformers, adding more than 8,500 megavolt-amperes to the national grid in a bid to boost reliability and capacity.

However, he lamented that vandalism remains a major threat to grid stability, noting that the company recorded 131 vandalism incidents across its network between January and November 2025.

“From January to November 2025 alone, the company recorded 131 vandalism incidents across its network. Management is working closely with the Office of the National Security Adviser, security agencies, and community vigilante groups to curb this menace,” he said, adding that TCN would continue sensitisation campaigns and community engagement to safeguard critical infrastructure.

Abdulaziz also highlighted key sector reforms recorded in 2025, including the unbundling of TCN and the successful launch of the Nigerian Independent System Operator.

He further disclosed that donor-funded projects valued at over $1.16bn were advanced during the year, including the Abuja Feeding Scheme, which involves the construction of five new substations and a new 330kV transmission line.

“TCN also advanced several critical projects funded by our development partners valued at over $1.16bn. This partnership has resulted in projects such as the Abuja Feeding Scheme, which includes the construction of five new substations and a new 330kV transmission line. Some of these projects are already completed, while others are ongoing, aimed at modernising the grid, expanding capacity, and preparing TCN to meet the energy needs of a growing economy,” he said.

The TCN boss commended staff for their dedication, describing them as the company’s “greatest asset,” and expressed gratitude to President Bola Ahmed Tinubu, the Minister of Power, Chief Adebayo Adelabu, security agencies, development partners and other sector stakeholders for their support. He also expressed condolences to the families of staff who lost their lives in 2025.

Looking ahead to 2026, Abdulaziz said TCN would intensify efforts to increase grid capacity, stability, and efficiency, while deepening collaboration with NISO and other stakeholders to strengthen Nigeria’s electricity supply industry.

“Looking ahead to 2026, we must endeavour to build on this year’s accomplishments, with focus on accelerating project implementation, modernising transmission infrastructure, prompt maintenance, and deepening stakeholder engagement,” he said.

“As we look to the new year, we cannot afford to rest on our oars. We will intensify efforts to further increase grid capacity, stability, and efficiency as we continue to journey towards becoming one of the leading electricity transmission companies in the world,” he concluded.

Established to ensure reliable electricity transmission across Nigeria, TCN remains the backbone of the nation’s power sector. The record peak achieved in 2025 reflects growing stability, expanded capacity, and stronger collaboration with sector stakeholders, despite persistent challenges such as vandalism and infrastructure deficits.

Dangote launches N739/litre petrol at MRS stations nationwide

DANGOTE REFINERYDangote Petroleum Refinery has commenced nationwide sales of Premium Motor Spirit (petrol) at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, marking a significant milestone in the refinery’s mission to deliver affordable fuel to Nigerians and stabilise the downstream petroleum market.

In a statement from the firm on Sunday, it stated that with over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of the reduction reach consumers throughout the country. The refinery commended marketers who have embraced the new pricing regime and urged others to follow suit in support of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season in Nigeria has been associated with fuel scarcity and sharp price hikes. However, Dangote refinery has intervened decisively—reducing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilising the naira, and strengthening energy security.

The sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at ₦739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above ₦739 per litre by calling 0800 123 5264,” the refinery said.

The company also called on other petrol station operators to patronize its products so that the benefits of the price reduction can reach all Nigerians, ensuring broad-based relief and a more stable downstream market.

Dangote Petroleum Refinery reaffirmed its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure a consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

Shareholders push banks as recapitalisation deadline nears

CBN logoWith roughly three months to the end of the expiration of the deadline for recapitalisation in the banking sector, shareholder groups have demanded action from banks that are yet to cross the minimum capital requirement thresholds.

In separate interviews with The PUNCH over the weekend, the leaders in the minority investors community lamented that they would be worst hit if banks fail to meet the new MCRs ahead of schedule.

After the last Monetary Policy Committee meeting of 2025, the governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that 16 banks have achieved full compliance with the revised capital requirements, ahead of the deadline.

Cardoso reiterated CBN’s commitment to ensuring an orderly end to the recapitalisation exercise during a presentation at the U.S.-Nigeria Executive Business Roundtable held in Washington, D.C., this week. According to THISDAY, which obtained a copy of the presentation, Cardoso said, “Nigeria is now in the final phase of its most significant banking-sector strengthening effort in over a decade. The recapitalisation programme is designed to safeguard financial stability, expand banks’ capacity to lend, and ensure the financial system is able to underpin Nigeria’s broader economic transformation.

“We’re making good progress. 16 banks have already met or exceeded the new capital thresholds, while 27 have raised capital through public offers, rights issues, private placements, and mergers.”

While hailing the feat achieved thus far and expressing confidence in the ability of the remaining banks to meet the MCR, the minority investors’ community also fears that they would be left holding the short end of the stick if some of the banks don’t meet the threshold.

National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, said, “The banks’ recapitalisation hurdle so far has been very impressive and encouraging, seeing about 16 banks crossing the hurdle. The most impressive part of it is how investors, especially the Nigerian investors, embraced and keyed in to the various offers that were made to the point of oversubscription. It is a sign that investors, both local and international, have strong confidence and believe in the Nigerian capital market.

“As the deadline comes closer, I have the confidence that the remaining banks are in the various stages of capitalising; after all, there are different banking licences: regional, national and international licences. If you cannot meet the highest category, you go for the lower one.

As for the nationalised banks, the government should recapitalise them through the CBN, which is running them on behalf of the FG. After the recapitalisation process, the FG should privatise them by selling 60 per cent to qualified core investors and the remaining 40 per cent to the Nigerian people to recover the money used to recapitalise them and list the shares on the floor of the NGX.”

To the banks still lagging, Igbrude said, “If there are banks that are not making headway, they should do so now through all available means, both private placement and mergers and acquisitions, or opt for the lowest licence available to avoid revocation of their licences. Let them not say there is still time.  Let them make hay while there’s sunshine.”

The National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, in her comments, called for speed: “The recapitalisation process is going on well so far, and according to CBN, only 16 banks have concluded their capital raising.  It’s my opinion that as deadlines draw closer, banks should hasten up for merger, strategic realignment or be outrightly acquired by other strong banks rather than waiting for the CBN regulatory hammer, which would not work in their favour nor shareholders’ (investors’).”

The chairman of the Ibadan Zone Shareholders Association, Ayoola Gilbert, called on the CBN to be prepared with clear contingency plans to safeguard the system’s integrity as the recapitalisation deadline gets closer.

“This policy is not just about bigger numbers on the bank’s balance sheet. The CBN has positioned it as a foundational pillar for achieving a $1tn economy by 2030. The core objectives are to create banks strong enough to withstand domestic and global economic shocks while enabling banks to take on larger risks and provide the substantial credit needed to fund critical national projects and support key sectors like MSMEs. If a significant number of banks are still scrambling as of the fourth quarter of 2025, the consequences will ripple through the entire financial ecosystem, directly impacting consumers, shareholder value and systemic trust.

“The successful banks like Access Holdings, Zenith Bank, and Wema Bank, which have raised hundreds of billions, demonstrate that recapitalisation is achievable and can be rewarded by the market. Their strength positions them to lead financing for Nigeria’s growth. As shareholders, we must urge the boards and management of our banks to exhaust every option, be it rights issues, private placements, or strategic mergers, with urgency. Simultaneously, we call on the CBN to communicate a clear, transparent contingency framework well before the deadline. Knowing the rules of a potential orderly consolidation will do more to maintain confidence than a last-minute regulatory scramble.”