Guinea Insurance Plc shareholders have approved capital raise plan at a recent Extraordinary General Meeting held virtually in Lagos, from ₦4 bn (8 billion ordinary shares of 50 kobo each) to ₦19bn (38 billion ordinary shares of 50 kobo each), alongside a plan to raise up to ₦15 bn in additional equity through a combination of rights issue and private placement.
This follows 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. 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.
The expanded capital structure the company cleared is designed to provide the financial headroom required to stimulate targeted investments in technology, data driven underwriting, digital distribution and service automation. 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 touchpoints.
Speaking at the meeting, the board Chairman, Mr. Temitope Borishade, who reaffirmed commitment to transparency, prudence and robust governance, said the shareholders approval was pivotal milestone in its transformation journey emphasising that the capital raise would strengthen its balance sheet, restore its statutory capital position, enhance underwriting capacity, and support long-term strategic growth initiatives.
“The overwhelming support of our shareholders reflects their confidence in the board and management’s strategy to rebuild Guinea Insurance Plc into a stronger, more resilient, and more competitive insurer,” Mr. Borishade said. “This recapitalisation plan is not only a regulatory requirement but also a strategic opportunity to create sustainable value for all our stakeholders.”
Featured Picture:(L–R): Mr. Ademola Abidogun, Managing Director and Chief Executive Officer, Mrs. Ogonna Offor-Orabueze, Executive Director, Technical, Mrs. Chioma Okigbo, Non-Executive Director, Mr. Temitope Borishade, Chairman of the Board of Directors, Mrs. Chinenye Nwankwo, Company Secretary, Mr. Pius Edobor, Executive Director, Finance and Corporate Services
