Guinea Insurance Exceeds N15bn Capital Requirement

Guinea Insurance Plc has achieved a significant milestone by surpassing the N15 billion minimum capital requirement established by the National Insurance Commission (NAICOM) for non-life insurance companies. This announcement was made by the company’s Managing Director, Mr. Adebola Abidogun, who stated that the firm successfully raised approximately N12.6 billion through a hybrid capital raising exercise that included a Rights Issue and a Private Placement.

Both transactions adhered to regulatory guidelines and received necessary approvals from the Securities and Exchange Commission (SEC). The funds raised, combined with the company’s existing paid-up capital, position Guinea Insurance above the N15 billion threshold, pending final verification from regulatory authorities.

This accomplishment marks Guinea Insurance as the first firm to meet the new capital requirements set by NAICOM.