Guinea Insurance Plc has announced the successful completion of a N12.6 billion capital raise, stating that the exercise has positioned the company above the National Insurance Commission’s (NAICOM) minimum capital requirement for non-life insurers, subject to final regulatory verification.
The company made the disclosure in a statement dated July 31, 2026, addressed to shareholders, investors and other stakeholders. The announcement followed the release of NAICOM’s list of insurance and reinsurance companies that met the recapitalisation deadline.
Despite the announcement, Guinea Insurance was not included among the 43 insurance and reinsurance companies confirmed by the regulator as compliant with the new capital requirements as of July 31, 2026.
According to the company, the capital raise was completed through a hybrid offer comprising a Rights Issue and a Private Placement.
Guinea Insurance stated that both transactions complied with regulatory requirements and received the necessary approvals from the Securities and Exchange Commission (SEC).
The company said the exercise generated approximately N12.6 billion.
It stated that when combined with its existing paid-up capital, the total capital base exceeds the N15 billion minimum capital requirement prescribed for non-life insurance companies under the ongoing recapitalisation framework.
However, the company noted that the figure remains subject to final regulatory capital verification.
Guinea Insurance described the fundraising exercise as a major milestone in its recapitalisation programme.
The insurer said the additional capital would strengthen its financial position, improve underwriting capacity and support long-term value creation for shareholders.
The company also disclosed that the allotment results for both the Rights Issue and the Private Placement would be published in national newspapers on or before August 6, 2026, in line with regulatory requirements.
The latest development follows shareholder approval granted in December 2025 for the company to raise up to N15 billion in additional equity capital.
The approval was given during an Extraordinary General Meeting (EGM), where shareholders authorised the Board of Directors to raise funds through a combination of a Rights Issue and a Private Placement.
The initiative was aimed at meeting NAICOM’s recapitalisation requirements and supporting the company’s future growth.
As part of the resolutions passed at the meeting, shareholders approved an increase in the company’s issued share capital from N4 billion to N19 billion.
The increase comprises 38 billion ordinary shares of 50 kobo each.
The Board was also authorised to issue up to 5.29 billion ordinary shares through a Rights Issue.
Shareholders further waived their pre-emptive rights on any unsubscribed shares to facilitate the private placement process.
Guinea Insurance’s latest statement comes shortly after NAICOM announced the completion of the insurance sector recapitalisation exercise.
The regulator also published a list of 43 insurance and reinsurance companies that met the July 31, 2026 compliance deadline.
The list includes 23 non-life insurance companies, 10 life insurers, eight composite insurers and two reinsurance firms.
NAICOM launched the recapitalisation programme in August 2025.
The commission gave operators a 12-month window to comply with the new capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Although Guinea Insurance was absent from the initial list of compliant companies, the insurer said its latest capital position is expected to satisfy the regulatory threshold once the verification process is completed.
The insurance recapitalisation exercise forms part of a broader effort to strengthen Nigeria’s financial sector.
Earlier this year, Nigerian banks collectively raised N4.66 trillion under the Central Bank of Nigeria’s recapitalisation programme.
The pension industry is also undergoing a similar exercise, with the National Pension Commission (PenCom) setting a compliance deadline of December 31, 2026.
Guinea Insurance said it is now focused on obtaining final regulatory confirmation that its strengthened capital base meets NAICOM’s requirements and secures its position in Nigeria’s non-life insurance market.
