Guinea Insurance Deposits N1.5bn To Meet Capital Requirement

Guinea Insurance Plc has deposited N1.5 billion with the Central Bank of Nigeria as part of its compliance with requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The company disclosed that the deposit represents 10 per cent of the minimum capital threshold applicable to non-life insurance operators and forms part of its ongoing recapitalisation programme ahead of the industry deadline.

Guinea Insurance said the remittance satisfies the statutory deposit obligation stipulated under the new insurance law and reflects its commitment to meeting regulatory requirements within the prescribed timeframe.

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Management expressed appreciation to shareholders, policyholders, brokers, customers and business partners for their continued support as the company advances its growth and recapitalisation objectives.

The insurer stated that the latest development forms part of wider efforts to strengthen its capital base and improve its financial position.

The deposit follows the launch of a N5.8 billion rights issue aimed at raising additional capital ahead of the July 2026 recapitalisation deadline.

The offer comprises 5.295 billion ordinary shares priced at N1.10 each and was structured on the basis of two new shares for every three existing shares held by shareholders.

According to the company, the capital raising initiative extends beyond regulatory compliance and is intended to strengthen operational capabilities and enhance its position within the insurance market.

The additional capital is expected to expand underwriting capacity across key sectors of the economy while supporting technology investments, digital transformation initiatives and improvements in operational efficiency.