Insurance Firm Secures Shareholders’ Nod to Raise Capital
Guinea Insurance Plc, said it has secured its shareholders’ nod for capital raising plan.
The approval was given to the underwriting firm at a recent Extraordinary General Meeting held virtually in Lagos. The meeting, conducted in full compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020, saw strong participation from shareholders, regulators, and key stakeholders, reflecting broad confidence in the company’s strategic direction.
Guinea Insurance said following resolutions passed at the meeting, it was advancing a comprehensive recapitalisation programme designed to strengthen its financial foundation and position the company for sustainable growth.
According to the company, shareholders approved the increase of the company’s minimum issued share capital from N4.0 billion (8 billion ordinary shares of 50 kobo each) to N19.0 billion (38 billion ordinary shares of 50 kobo each), alongside a plan to raise up to N15.0 billion in additional equity through a combination of right issue and private placement. The company said this followed the receipt of a no – objection approval from the National Insurance Commission (NAICOM), reflecting regulatory confidence in the board’s strategy and providing a clear pathway to reinforce the company’s capital base.
“These investments will support operational efficiency, faster turnaround times and more personalised customer engagement, reinforcing the company’s ability to deliver consistent and rewarding experiences across all stakeholder touch points, said the company’s Chairman, Mr. Temitope Borishade.
He described the shareholders’ approval of the recapitalisation plan as a pivotal milestone in Guinea Insurance’s transformation journey, emphasising that the capital raise would strengthen the company’s balance sheet, restore its statutory capital position, enhance underwriting capacity, and support long-term strategic growth initiatives.
