Tuesday, October 28, 2025
25.5 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
spot_img

Hot this week

Polaris Bank Restates Support for SMEs Growth in Nigeria with Launch of ‘EveryDay Supermarket’ Yenegoa Branch

Polaris Bank has reaffirmed its commitment to supporting small...

LASAA Staff Faces Sanctions for Policy Breach after Viral Allegation, Cleared of Fraud

The Lagos State Signage and Advertisement Agency (LASAA) has...

NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

Nigerian Exchange Group (NGX Group), through its regulatory subsidiary,...

BOI, MAN, NECA CEOs to Address Low Productivity in Nigeria at WES 2025

  *As nominations portal closes for WES 2025 Awards for Outstanding Economic Impacts All...

Stanbic IBTC Bank Rewards 78 Savers with ₦16m in 6th Monthly, 2nd Quarterly Draws

Stanbic IBTC Bank remains committed to putting smiles on...

Topics

Almond Insurance Industry Awards Unveils Nominees for Nov 1 Event

The Nominees for Voting in the Various Categories INSURANCE CEO...

ICAN Applauds Linkage Assurance for Human Capital Development, Professionalism

L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc;...

Nigeria LNG at 9th Realnews Anniversary Lecture

Mrs. Eyono Fatayi-Williams, General Manager, External Relations and Sustainable...

The Impact of Low Oil Prices on sub-Saharan Africa

Growth picked up in sub-Saharan Africa in 2014, after moderating in 2013, but remained weaker than during the pre-crisis years. It softened around the turn of the year owing to headwinds from the plunge in the price of oil. Sub-Saharan Africa’s oil exporters, which account for nearly half of the region’s aggregate output, have been hit hard by the sharp decline in the price of oil. From June 2014 to January 2015, oil prices fell by nearly 50%, and have remained low despite the recent uptick.

NAICOM, FRSC Partner to Enforce 3rd Party Motor Insurance Policy

R-L: Mr. O. S. Thomas, Commissioner for Insurance/CEO, National...

Sovereign Trust Insurance Holds Quarterly Fitness, Wellness Exercise

Sovereign Trust Insurance Plc has held her quarterly staff...

Atiku Vows to Sack CBN Gov, Godwin Emefiele

Mr. Atiku Abubakar, Presidential candidate of the Peoples Democratic...

NDIC Management Visits Minister of State, Finance in Abuja

The Management of the NDIC led by the MD/CE...
spot_img

Related Articles

Popular Categories

spot_imgspot_img