BY NGOZI ONYEAKUSI

Mr. Ademola Abidogun, MD/CEO

Guinea Insurance Plc has achieved a major milestone as it surpassed the ₦15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM) under the just concluded industry recapitalisation exercise.

The milestone followed the successful raising of approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement.

According to the Managing Director, Guinea Insurance Plc., Mr Ademola Abidogun, in a statement made available to SUPERNEWS Nigeria, both transactions were executed in line with regulatory guidelines and received all the requisite approvals from the Securities and Exchange Commission (SEC).
According to him, the proceeds from the capital raising exercise, when combined with its existing paid-up capital, have positioned it above the ₦15 billion minimum capital threshold for non-life insurers, subject to final regulatory capital verification.

He described the achievement as a significant step in the company’s recapitalisation journey, noting that it underscored the firm’s commitment to strengthening its financial position, enhancing its underwriting capacity, and delivering long-term value to shareholders and other stakeholders.

Abidogun expressed appreciation to its shareholders, investors, regulators, and professional advisers for their continued support and confidence throughout the capital-raising process.

The results of the allotment for both the Rights Issue and the Private Placement, according to him will be published in the national dailies on or before August 6, 2026, in line with regulatory requirements.

He reaffirmed firm’s commitment to completing the recapitalisation process and said it would continue to keep shareholders, investors, and other stakeholders informed of further developments, including the outcome of the final regulatory capital verification.