One of the companies offering underwriting services in Nigeria, Guinea Insurance Plc, has been given the nod to issue about 5,295,200,000 units of its shares to shareholders at a unit price of N1.10.
The stocks would be allotted to investors through a rights issue designed to raise about N5.8 billion as part of the organisation’s strategies to raise funds to boost its capital base.
The National Insurance Commission (NAICOM) asked operators in the country’s insurance sector to increase their minimum capital requirements, just like their counterparts in the banking ecosystem, which have till March 31, 2026, to comply.
For insurance companies, their deadline is July 2026, and the regulator recently emphasised that it had no plans to extend this as being thought.
The Commissioner for Insurance, Mr Olusegun Omosehin, at a high-level media briefing in Lagos, emphasised that “The July 31 deadline is sacrosanct,” noting that, “It is embedded in the law, and as a regulator, we do not have the powers to alter a date set by an Act of the National Assembly” as the timeline is a statutory requirement under the Nigeria Insurance Industry Reform Act of 2025.
“We would not be drawn into a last-minute rush or entertain pleas for extensions,” Mr Omosehin warned. Guinea Insurance is raising additional funds from the exercise by offering to shareholders two new ordinary shares for every three ordinary shares held as of the close of business on January 21, 2026.
Business Post reports that the rights issue opened on Wednesday, March 25, 2026, and will close on Friday, May 1, 2026.
In a notice signed by its secretary, Ms Chinenye Nwankwo, it was explained that, “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,” a part of the disclosure stated, urging shareholders “to take up their rights in full or in part.”