Guinea Insurance Completes Recapitalisation, Secures NAICOM Compliance
Guinea Insurance Completes Recapitalisation, Secures NAICOM Compliance
Guinea Insurance Plc has completed its recapitalisation programme after concluding its rights issue and private placement, meeting the applicable minimum capital requirement for non-life insurance companies under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The development was confirmed following the National Insurance Commission’s latest verification of insurers that have met the new capital requirements. Guinea Insurance was among the additional companies recognised by the regulator as compliant.
The NIIRA 2025 requires non-life insurers in Nigeria to maintain minimum capital of ₦15 billion or the risk-based capital determined by NAICOM, whichever is higher.
Guinea Insurance had earlier commenced a ₦5.8 billion rights issue involving 5.2952 billion ordinary shares at ₦1.10 per share, as part of efforts to strengthen its capital position and meet the new regulatory requirements.
With its recapitalisation now completed and regulatory compliance confirmed, the insurer is expected to focus on strengthening its operations, expanding its underwriting capacity and pursuing new business opportunities.
The development marks a significant milestone for Guinea Insurance as Nigeria’s insurance sector adjusts to higher capital requirements under the new regulatory framework.
