Guinea Insurance exceeds NAICOM's N15bn capital requirement

Guinea Insurance Plc has surpassed the National Insurance Commission’s (NAICOM) minimum capital requirement of N15 billion for non-life insurance companies following the successful completion of its hybrid capital raising programme, strengthening its financial position ahead of the industry’s recapitalisation deadline.

The company disclosed that it raised approximately N12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement, with both transactions executed in accordance with regulatory guidelines and approved by the Securities and Exchange Commission (SEC).

Managing Director of Guinea Insurance Plc, Ademola Abidogun, said the proceeds from the capital raising exercise, combined with the company’s existing paid-up capital, have positioned the insurer above the N15 billion minimum capital threshold prescribed for non-life insurance companies, subject to final regulatory capital verification by NAICOM.

He described the achievement as a major milestone in the company’s recapitalisation programme, noting that it would enhance Guinea Insurance’s underwriting capacity, strengthen its balance sheet and support long-term value creation for shareholders and other stakeholders.

According to Abidogun, the successful fundraising reflects investor confidence in the company’s growth strategy and commitment to meeting regulatory requirements.

He expressed appreciation to shareholders, investors, regulators and professional advisers for their support throughout the capital raising process.

The company also announced 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 compliance with regulatory requirements.

Guinea Insurance said it remains committed to completing the recapitalisation process and will continue to update shareholders, investors and other stakeholders on subsequent developments, including the outcome of the final regulatory capital verification exercise.

The recapitalisation strengthens the company’s capacity to compete more effectively in Nigeria’s non-life insurance market while positioning it for future business expansion under NAICOM’s revised capital framework.