June 09, (THEWILL) — Guinea Insurance Plc has deposited N1.5 billion with the Central Bank of Nigeria (CBN) in compliance with the statutory requirements of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a significant milestone in its ongoing recapitalisation programme.
The development was disclosed in a statement signed by the Company Secretary, Chinenye Nwankwo, and issued to shareholders on June 8, 2026.
According to the company, the deposit represents 10 percent of the minimum capital requirement for non-life insurance companies under the new insurance reform law.
The move places Guinea Insurance in compliance with the statutory deposit requirement prescribed by NIIRA 2025 and underscores its commitment to meeting regulatory obligations ahead of the industry recapitalisation deadline.
“In compliance with the provisions of the Act, the Company has remitted the required statutory deposit to the Central Bank of Nigeria, bringing its total statutory deposit balance to N1.5 billion, representing 10 percent of the minimum capital requirement applicable to non-life insurance companies,” the company stated.
Management noted that the deposit forms part of broader efforts to strengthen the insurer’s capital base and position it for long-term growth.
The latest development comes two months after Guinea Insurance launched a N5.8 billion Rights Issue aimed at boosting its capital ahead of the July 2026 recapitalisation deadline.
The offer comprises 5.3 billion ordinary shares priced at N1.10 per share and was made based on two new shares for every three existing shares held as of January 21, 2026.
Beyond regulatory compliance, the capital raise is expected to enhance the company’s underwriting capacity, support technology investments, drive digital transformation, and improve operational efficiency.
The insurer believes the additional capital will strengthen its market position and enable it to capture opportunities across key sectors of the Nigerian economy.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
