Great Nigerian Insurance Launches N15.6bn Rights Issue

Great Nigerian Insurance Plc has announced the opening of its N15.6 billion rights issue, which involves the issuance of 6,000,000,000 ordinary shares priced at 50 kobo each. This rights issue, approved by the Securities and Exchange Commission, allows existing shareholders to acquire six new ordinary shares for every seven shares held.

The offer is scheduled to close on June 4, 2026, with the application list opening on June 15, 2026, and remaining open until June 26, 2026. The company aims to use the gross proceeds of N15.6 billion primarily for capital injection into its general business segment and to address outstanding claims.

This initiative follows a successful private placement that raised N8.2 billion, enhancing the company's combined capital base to N21.3 billion, thereby ensuring compliance with the National Insurance Commission's minimum capital requirement of N10 billion for life business operations.