Tuesday, September 16, 2025
26.4 C
Lagos

Guinea Insurance to Raise Fresh N8bn Capital Ahead Recapitalisation Deadline

Consequent to the June 30th, 2020 deadline given by the National Insurance Commission (NAICOM) for firms to comply with its new capital regime, shareholders of Guinea Insurance Plc at its 61st Annual General Meeting held recently in Uyo, Akwa Ibom State embraced its recapitalisation plan to increase its capital base to N12 billion.

With the approval, the underwriting firm hopes to increase its Authorised Share Capital from N4,000,000,000 to N12,000,000,000 by the addition of the sum of N8,000,000,000 divided into 16,000,000,000 ordinary shares of 50 kobo each ranking in all respect pari-pasu with the existing shares of the Company.

In an opinion expressed by Chairman, Board of Directors, Barrister Godson Ugochukwu at the recently concluded meeting “the approval, as given by our perceptive shareholders, brings to the table, penetrating insights and sustainable fair shakes that will bolster our get-up-and-go capital structure reorganisation action plans. Options available to us are either to: approach the capital market by way of a public offer, private placements, rights issue, book building process or other methods; inject funds into the Company or consider the possibility of a merger with another company operating in the general insurance business portfolio. In any case, the Board had engaged the services of professional parties and advisors to provide matter-of-fact counsel that will engender accuracy and timely decision making especially, as we are materially mindful of the stipulated time frame given by the regulator.”

Industry analysts and business associates were enthralled by the wave of applause that followed the unanimous approval also given by shareholders of Guinea Insurance Plc for the re-election of Godson Ugochukwu, as Chairman, Board of Directors; Samuel Onukwue and Simon Bolaji as Non-Executive Directors.

In like manner, Ademola Abidogun’s appointment as Managing Director/Chief Executive Officer was unanimously ratified by shareholders of the Company while also acknowledging his numerous years’ experience in providing strategic and operational leadership in uniquely challenging situations in the insurance industry.

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

Linkage Assurance: How New Brand Identity Will Drive Market Leadership

L-R: Humphrey Ozegbe, Head, Human Capital; Okanlawon Adelagun, Executive...

NAICOM Seeks Support of Police Force in Enforcement of Compulsory Insurances

The Commissioner for Insurance/CEO of the National Insurance Commission...

Fixit45 Reports Acquisition of Parkit, Unveils Subscription-based VIP Programme

  R-L: Gideon Adepoju, Manager, Growth and Innovation, Gerald Okonkwo,...

Interswitch, FIRS Partner to Sensitise Taxpayers on Benefits of Digital Remittance

Understanding the need for a convenient tax filing and...

ADB Approves $40m Loan forAfeBabalola University

The Board of Directors of the African Development Bank...

10 Elements Driving Change in Business Processes, People, Services

A new initiative by ACCA (the Association of Chartered...

Malta to Chair 2016 Commonwealth ICT Ministers Forum

Engr. Shola Taylor, Secretary-General of the Commonwealth Telecommunications Organisation...

Broadband Commission: World Leaders Should Harness ICTs to Drive Dev

The Broadband Commission for Sustainable Development has issued a statement urging...
spot_img

Related Articles

Popular Categories

spot_imgspot_img