Recapitalisation: Guinea Insurance Surpasses N15bn Minimum Capital
Ebere Nwoji
Guinea Insurance Plc has emerged the first insurance firm to successfully surpassed the N15 billion minimum capital requirement set by the regulator, the National Insurance Commission( NAICOM).
Breaking the news over the weekend in a statement to the media, the company’s Managing Director, Mr Adebola Abidogun, said, “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.”
Abidogun, said the company successfully raised approximately N12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. “Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC),” he said.
According to Abidogun, the proceeds from the capital raising exercise, when aggregated with the company’s existing paid up capital, position Guinea Insurance above the N15 billion minimum capital threshold for non- life insurers, subject to final regulatory capital verification.
