BY NKECHI NAECHE-ESEZOBOR—Ahead of July, 2026 recapitalization deadline, shareholders of Guinea Insurance Plc have approved an increase in the company’s minimum issued share capital from ₦4 billion to ₦19 billion, expanding the number of ordinary shares from 8 billion to 38 billion shares of 50 kobo each.
The company in a notice to Nigerian Exchange, said shareholders passed the resolutions at the company’s Extraordinary General Meeting (EGM) held virtually yesterday.
They went further to approved an increase in the company’s minimum issued share capital from ₦4 billion to ₦19 billion, expanding the number of ordinary shares from 8 billion to 38 billion shares of 50 kobo each.
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They also authorised the Board of Directors to raise up to ₦15 billion in additional equity capital through a combination of Rights Issue and Private Placement, as part of efforts to comply with statutory capital requirements, strengthen the company’s financial base, and support its strategic growth objectives.
Under the approved resolutions, the board is empowered to issue up to 5.295 billion ordinary shares through a Rights Issue, subject to regulatory approvals. Shareholders further agreed to waive their pre-emptive rights on any unsubscribed shares, allowing the directors to allot such shares to other investors under a private placement arrangement.
In addition, shareholders approved a private placement of up to 6.33 billion ordinary shares at an offer price of ₦1.45 per share, subject to the approval of relevant regulatory authorities. The new shares will rank pari passu with existing ordinary shares of the company.
The EGM also authorised the Board to appoint professional advisers, seek regulatory approvals, and take all necessary steps to implement the Rights Issue and Private Placement without the need for further shareholder consent.
Furthermore, shareholders approved amendments to the company’s Memorandum and Articles of Association to reflect the new minimum issued share capital of ₦19 billion, formally documenting the increase approved at the meeting.
The resolutions are expected to enhance Guinea Insurance Plc’s capital position and support its long-term operational and strategic goals in Nigeria’s insurance
