AfriPulse
Guinea Insurance Plc said it has applied to the Nigerian Exchange (NGX) for approval to raise N5.30 billion through a rights issue.
The proposed offer, involving 5.295 billion ordinary shares at N1.10 per share, is structured based on two new shares for every three existing shares, with a qualification date of January 21, 2026, for eligible shareholders.
The application, submitted through stockbrokers Forte Financial Limited and Mega Equities Limited, is now awaiting regulatory approval and listing by NGX.
In December 2025, the board and executive management of Guinea Insurance visited the executive management of the National Insurance Commission during which the company unveiled strategies for the realisation of its recapitalisation programme which will see the company continuing in operation in accordance with the prescriptions of the Nigerian Insurance Industry Recapitalisation (NIIRA).
Guinea Insurance reinforced its readiness to solidify its capital base ahead of the NIIRA requirements, an important strategic action that enhances the company’s ability to seize emerging business opportunities and deliver stronger, long-term value to its stakeholders.
Speaking during the engagement, the chairman of the Board of Directors, Mr Temitope Borishade, noted that the visit aligns with Guinea Insurance’s commitment to deepen collaboration with the regulator, enhance transparency, ensure compliance, and sustain growth.
He emphasised that the company’s preparedness and capital strengthening efforts position it to serve its customers, shareholders, and partners with even greater effectiveness.
In its third quarter (Q3) financial report for the period ended September 30, 2025, Guinea Insurance reported a resilient financial performance as profit for the period stood at N37.66 million.
Despite lower profitability compared to previous periods, total equity grew to N5.24 billion by September 30, 2025, driven by, among other things, a N68.66 million transfer to the contingency reserve.
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Chris Ebong
Chris Ebong is a correspondent with Independent Newspapers.
Source: Independent.ng | Read the Full Story…
