Ademola Abidogun, MD/CEO Guinea Insurance Plc
Ahead of recapitalisation deadline set by the National Insurance Commission (NAICOM), shareholders of Guinea Insurance PLC at its 61st Annual General Meeting held recently in Uyo, Akwa Ibom State, unanimously gave nod for 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.
Speaking at the event, the Chairman of the company Barrister Godson Ugochukwu said “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. He added that “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”.
The shareholders also re elected Godson Ugochukwu, as Chairman and Samuel Onukwue and Simon Bolaji as Non-Executive Directors.
The shareholders also approved the appointment of Ademola Abidogun as Managing Director/Chief Executive Officer of the Company while also acknowledging his numerous years’ experience in providing strategic and operational leadership in uniquely challenging situations in the insurance industry.
