Guinea Insurance Plc has surpassed the ₦15 billion minimum capital requirement for non-life insurance companies prescribed by the National Insurance Commission (NAICOM), following the successful completion of its hybrid capital raising exercise.
The insurer raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. The transactions were conducted in compliance with regulatory guidelines and received all necessary approvals from the Securities and Exchange Commission (SEC).
Managing Director of Guinea Insurance Plc, Mr. Ademola Abidogun, said the proceeds from the capital raising exercise, when combined with the company’s existing paid-up capital, have positioned the insurer above the ₦15 billion minimum capital requirement for non-life insurance companies, subject to final regulatory capital verification.
He described the milestone as a major achievement in the company’s recapitalisation programme, noting that it reinforces Guinea Insurance’s commitment to strengthening its financial position, expanding its underwriting capacity, and creating sustainable value for shareholders and other stakeholders.
Abidogun expressed appreciation to the company’s shareholders, investors, regulators and professional advisers for their confidence and support throughout the capital raising process, which he said contributed significantly to the successful outcome of the exercise.
The company also announced that the allotment results for both the Rights Issue and the Private Placement will be published in national newspapers on or before August 6, 2026, in line with regulatory requirements.
Guinea Insurance Plc reaffirmed its commitment to completing the recapitalisation process and said it would continue to keep shareholders, investors and other stakeholders updated on further developments, including the outcome of the final regulatory capital verification exercise.