SEC Approves Guinea Insurance N5.8bn Rights Issue

Guinea Insurance Plc said it has received approval from the Securities and Exchange Commission (SEC) to raise N5.8 billion through rights issue to strengthen its capital base and support operational expansion.

The Insurance Company stated this in a statement signed by its Company secretary, Chinenye Nwankwo.

According to the statement, Guinea Insurance has secured the approval of the Securities and Exchange Commission for a rights issue of 5.295 billion ordinary shares of 50 kobo each at N1.10 per share, on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on January 21, 2026.

“The rights issue opened on March 25, 2026 and is scheduled to close on May 1, 2026. This capital raise forms part of the Company’s strategic initiatives to strengthen its capital base, enhance underwriting capacity, and position the Company for sustained growth and improved service delivery.”

Guinea Insurance urged, “shareholders to take up their rights in full or in part. Rights not taken up may be traded on the Nigerian Exchange Limited (NGX) during the offer period, subject to regulatory approvals.”

The Company stated that detailed information on the rights issue, including procedures for acceptance, renunciation, and payment, is contained in the rights circular, which has been made available to shareholders.

Guinea Insurance is a Nigeria-based non-life insurer established in 1958. Listed on the Nigerian Exchange, it offers general insurance, motor, fire, marine, engineering, and oil & gas with a paid-up capital of N4 billion. It is recognized for its customer-centric approach and is regulated by National Insurance Commission (NAICOM).