Guinea Insurance Plc has completed its recapitalisation programme and secured recognition from the National Insurance Commission for meeting the applicable minimum capital requirement for non-life insurance companies.
The insurer announced the development on Friday, following the successful completion of its rights issue and private placement under the Nigerian Insurance Industry Reform Act 2025.
The completion of the capital-raising exercise marks a significant milestone for Guinea Insurance, allowing the company to shift its focus from meeting regulatory capital requirements to expanding its business and pursuing new growth opportunities.
According to the company, the recapitalisation has strengthened its capital base, financial capacity and regulatory standing.
The insurer said the stronger capital position would provide a solid foundation for sustainable growth as competition intensifies across Nigeria’s insurance industry.
Guinea Insurance is also expected to have greater capacity to underwrite larger risks and pursue bigger business opportunities as insurers adjust to the higher capital requirements introduced under the new regulatory framework.
The company said the successful completion of the exercise demonstrates its readiness to operate in Nigeria’s evolving insurance market while continuing to meet its obligations to customers and other stakeholders.
Guinea Insurance confirmed that its name had been published by NAICOM among insurance companies that have met the applicable recapitalisation requirement.
“Guinea Insurance is also pleased to confirm that its name has been published by the National Insurance Commission among the insurance companies that have met the applicable recapitalisation requirement,” the company said.
The insurer described the achievement as a significant milestone that reinforces its financial capacity, regulatory standing and ability to pursue sustainable growth opportunities within Nigeria’s changing insurance landscape.
Guinea Insurance also reassured policyholders, brokers, corporate customers, business partners and investors that its operations remain fully active.
The company said it would continue to provide insurance solutions to customers and honour valid claims, policy obligations and contractual commitments in the ordinary course of business.
With the recapitalisation completed and its compliance recognised by NAICOM, the insurer said its focus was now shifting towards the next phase of its development.
The company said it was positioned to take on new business with increased capacity and confidence while seeking to create greater value for its stakeholders.
The Managing Director and Chief Executive Officer of Guinea Insurance, Ademola Abidogun, said the company remained committed to delivering stronger insurance capacity and sustainable growth.
