️ Guinea Insurance Gets Shareholders’ Green Light for Major ₦15bn Capital Raise
Guinea Insurance Plc has secured shareholders’ approval to proceed with a significant capital raising and recapitalisation plan, marking a key milestone in the company’s ongoing transformation and growth strategy.
️ Approval Secured at Extraordinary General Meeting
• The approval was granted at an Extraordinary General Meeting (EGM) held virtually in Lagos
• The meeting complied fully with the Business Facilitation Act 2022 and CAMA 2020
• Shareholders, regulators, and key stakeholders participated actively, signalling strong confidence in management’s direction
What Was Approved?
Shareholders approved a major expansion of the company’s capital base, including:
Increase in Issued Share Capital
• From ₦4.0 billion
(8 billion ordinary shares of 50 kobo each)
• To ₦19.0 billion
(38 billion ordinary shares of 50 kobo each)
Fresh Capital Raise
• Up to ₦15.0 billion to be raised via:
• Rights Issue (existing shareholders get first offer)
• Private Placement (targeted investors)
️ Regulatory Backing
• The recapitalisation plan already received a “No Objection” approval from NAICOM
• This confirms regulatory confidence in the board’s strategy and clears the path for execution
Why the Capital Raise Matters
According to the company, the new funds will be used to:
• Strengthen the balance sheet
• Restore and reinforce statutory capital adequacy
• Enhance underwriting capacity
• Improve operational efficiency
• Support technology upgrades and customer engagement
• Position the company for long-term, sustainable growth
️ Management’s View
The Chairman, Mr. Temitope Borishade, described the approval as a pivotal milestone in Guinea Insurance’s turnaround journey, noting that the recapitalisation will:
• Improve turnaround times
• Enable more personalised customer service
• Deliver better value across all stakeholder touchpoints
Investor Takeaway
This move aligns with the broader insurance sector recapitalisation trend in Nigeria and signals:
• A stronger capital position going forward
• Better ability to compete and write larger risks
• A renewed focus on growth, stability, and compliance
For investors, this is one to watch closely, especially as execution details of the rights issue and private placement emerge.
Guinea Insurance Plc has secured shareholders’ approval to proceed with a significant capital raising and recapitalisation plan, marking a key milestone in the company’s ongoing transformation and growth strategy.
️ Approval Secured at Extraordinary General Meeting
• The approval was granted at an Extraordinary General Meeting (EGM) held virtually in Lagos
• The meeting complied fully with the Business Facilitation Act 2022 and CAMA 2020
• Shareholders, regulators, and key stakeholders participated actively, signalling strong confidence in management’s direction
What Was Approved?
Shareholders approved a major expansion of the company’s capital base, including:
Increase in Issued Share Capital
• From ₦4.0 billion
(8 billion ordinary shares of 50 kobo each)
• To ₦19.0 billion
(38 billion ordinary shares of 50 kobo each)
Fresh Capital Raise
• Up to ₦15.0 billion to be raised via:
• Rights Issue (existing shareholders get first offer)
• Private Placement (targeted investors)
️ Regulatory Backing
• The recapitalisation plan already received a “No Objection” approval from NAICOM
• This confirms regulatory confidence in the board’s strategy and clears the path for execution
Why the Capital Raise Matters
According to the company, the new funds will be used to:
• Strengthen the balance sheet
• Restore and reinforce statutory capital adequacy
• Enhance underwriting capacity
• Improve operational efficiency
• Support technology upgrades and customer engagement
• Position the company for long-term, sustainable growth
️ Management’s View
The Chairman, Mr. Temitope Borishade, described the approval as a pivotal milestone in Guinea Insurance’s turnaround journey, noting that the recapitalisation will:
• Improve turnaround times
• Enable more personalised customer service
• Deliver better value across all stakeholder touchpoints
Investor Takeaway
This move aligns with the broader insurance sector recapitalisation trend in Nigeria and signals:
• A stronger capital position going forward
• Better ability to compete and write larger risks
• A renewed focus on growth, stability, and compliance
For investors, this is one to watch closely, especially as execution details of the rights issue and private placement emerge.