Guinea Insurance Plc Secures Shareholders’ Approval for N15bn Capital Raise
Guinea Insurance Plc has achieved a major milestone in its transformation journey, as shareholders approved the Board’s N15 billion capital raise plan during a virtual Extraordinary General Meeting (EGM) held in Lagos.
The EGM, conducted in line with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020, attracted strong participation from shareholders, regulators, and other stakeholders, reflecting confidence in the company’s strategic direction.
Under the approved recapitalisation programme, Guinea Insurance Plc will increase its minimum issued share capital from ₦4.0 billion (8 billion ordinary shares of 50 kobo each) to ₦19.0 billion (38 billion ordinary shares of 50 kobo each). The company plans to raise up to ₦15.0 billion in additional equity through a combination of a Rights Issue and Private Placement.
This move follows a No-Objection approval from the National Insurance Commission (NAICOM), reinforcing regulatory confidence in the Board’s strategy.
The strengthened capital base will support investments in technology, data-driven underwriting, digital distribution, and service automation. These initiatives are aimed at improving operational efficiency, turnaround times, and personalized customer engagement.
At the EGM, Chairman Temitope Borishade described the shareholders’ endorsement as a pivotal moment. “The overwhelming support of our shareholders reflects their confidence in the Board and Management’s strategy to rebuild Guinea Insurance Plc into a stronger, more resilient, and more competitive insurer,” he said.
He further noted that the recapitalisation will enhance the company’s balance sheet, restore statutory capital, increase underwriting capacity, and support long-term strategic growth initiatives.
The Board reaffirmed its commitment to transparency, sound governance, and prudent capital deployment, working closely with regulators and advisers to ensure efficient use of the funds.
With the successful approval of all resolutions, Guinea Insurance Plc is set to proceed with the necessary regulatory filings and implement the Rights Issue and Private Placement. The company aims to become a forward-looking, resilient insurer while delivering sustainable value to shareholders and stakeholders.
