Great Nigeria Insurance Launches N15.6BN Rights Issue

Great Nigeria Insurance Plc has commenced a rights issue of 6,000,000,000 ordinary shares at 50 kobo each, totaling N15.6 billion. This initiative has received approval from the Securities and Exchange Commission.

The rights issue is structured on the basis of six new ordinary shares for every seven existing ordinary shares held, with the qualification date set for June 4, 2026. The application list will open on June 15, 2026, and remain open until June 26, 2026.

The rights issue is expected to further support the recapitalization of the company’s general business operations and strengthen its capital position beyond the National Insurance Commission's minimum threshold of N15 billion. The gross proceeds of N15.6 billion are anticipated to be primarily deployed toward capital injection into the general business segment and to provide for outstanding claims.

The company previously concluded a successful private placement of N8.2 billion, improving its combined capital base to N21.3 billion, thereby ensuring compliance with the National Insurance Commission's N10 billion minimum capital requirement for life business operations.