Guinea Insurance Surpasses N15 Billion Minimum Capital Requirement

Guinea Insurance Plc has achieved a significant milestone, becoming the first insurance firm in Nigeria to surpass the N15 billion minimum capital requirement set by the National Insurance Commission (NAICOM).

The company announced over the weekend that it successfully raised approximately N12.6 billion through a hybrid capital raising exercise. This involved a Rights Issue and a Private Placement, both executed in line with regulatory guidelines and receiving necessary approvals from the Securities and Exchange Commission (SEC).

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Guinea Insurance has achieved a significant milestone in its recapitalisation programme, having surpassed the N15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM), following the successful conclusion of its hybrid capital raising exercise.

According to Managing Director Adebola Abidogun, the proceeds from this capital raising, when added to the company's existing paid-up capital, place Guinea Insurance above the N15 billion threshold for non-life insurers. This achievement is subject to final regulatory capital verification by NAICOM.

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Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC).