The insurer forecast insurance revenue of ₦6.615 billion during the period, while insurance service expenses are expected to amount to ₦2.419 billion.

The company also projected net expenses on reinsurance contracts of ₦795.8 million, resulting in an insurance service result of ₦3.400 billion.

The forecast further showed that investment income is expected to reach ₦1.713 billion, with no projected fair value gains on investment properties or impairment losses on financial assets measured at amortised cost. This brings the company’s net investment income to ₦1.713 billion.

It also estimated net insurance finance expenses of ₦42.5 million, comprising finance expenses of ₦23.6 million from insurance contracts issued and ₦18.9 million from reinsurance contracts held.

Consequently, the company expects to achieve a net insurance and investment result of ₦5.071 billion.

After accounting for other operating expenses of ₦2.252 billion, the insurer projected a profit before tax of ₦2.819 billion. Following an estimated income tax expense of ₦36.75 million, the company forecast a profit after tax of ₦2.782 billion for the third quarter ending September 30, 2026.

The forecast provides investors with an outlook on Guinea Insurance’s expected financial performance for the period, subject to prevailing business and market conditions.

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The company disclosed that the agreement, signed on July 10, 2026, marks a significant milestone in its multi-phase capital raising programme approved by its Board of Directors.

The signing ceremony, held at the company’s headquarters in Lagos, was attended by members of the Board, management team, issuing houses, legal advisers, stockbrokers and other stakeholders.

Under the arrangement, Regency Alliance plans to raise capital through a private placement of 7.37 billion ordinary shares targeted at strategic investors.

According to the company, the capital injection will strengthen its solvency margin, enhance underwriting capacity, support business expansion and finance investments in technology, product innovation and customer experience.

Regency Alliance noted that the transaction also reflects the confidence of strategic investors in the company’s corporate governance, financial outlook and long-term growth strategy.

The insurer said the additional capital would position it to pursue new business opportunities, improve operational resilience, deepen market penetration and deliver sustainable value to shareholders, policyholders and other stakeholders.

The Board added that it remains committed to completing the capital raising exercise in an orderly and transparent manner while maintaining high standards of corporate governance and regulatory compliance.

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Adonri made the projection while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook held in Lagos.

According to him, the equities market is poised to gradually regain momentum as investors respond to improving corporate performance, stronger economic indicators and increasing confidence in the country’s reform agenda.

He, however, cautioned that high inflation, elevated interest rates, political activities ahead of the 2027 general elections, insecurity, simultaneous capital-raising exercises by companies and the ongoing conflict in the Gulf region remain key downside risks that could affect market performance in the months ahead.

Adonri explained that the recent correction on the Nigerian Exchange should not be viewed as a sign of weakening market fundamentals but rather as a normal phase of portfolio rebalancing by institutional investors following the strong rally triggered by ongoing economic reforms.

“The current market correction is a result of institutional investors repositioning their portfolios and not an indication of a breakdown in market fundamentals,” he said.

He expressed optimism that stronger corporate fundamentals and improved earnings prospects across listed companies would support a gradual recovery in the equities market during the second half of the year.

While projecting that the current high interest rate environment is likely to persist, Adonri said Exchange Traded Products (ETPs) are expected to realign with their underlying fundamentals as market conditions improve.

He also noted that the activation of the commercial papers and derivatives markets would deepen Nigeria’s capital market, broaden investment opportunities and enhance market liquidity.

Adonri identified the anticipated listing of Dangote Refinery on the Nigerian Exchange as one of the most significant developments expected in the coming months, describing it as a potential game changer capable of transforming the size, depth and attractiveness of Nigeria’s capital market.

Reviewing the country’s macroeconomic outlook, he said Nigeria’s ongoing economic reforms continue to receive positive recognition from international institutions.

According to him, the International Monetary Fund (IMF) has acknowledged that the reforms are producing improved macroeconomic outcomes, while leading global credit rating agencies have upgraded or affirmed Nigeria’s sovereign credit ratings.

He noted that S&P Global Ratings upgraded Nigeria’s sovereign credit rating to ‘B’ from ‘B-’ with a stable outlook in May 2026. Fitch Ratings also affirmed the country’s ‘B’ rating with a stable outlook, while Moody’s upgraded Nigeria’s rating to ‘B3’ from ‘Caa1’.

Adonri said the improved ratings reflect growing confidence in Nigeria’s economic management, supported by greater foreign exchange stability, rising external reserves and increased crude oil production.

He added that the World Bank and IMF project Nigeria’s economy to grow by 4.1 per cent in 2026, while the Central Bank of Nigeria (CBN) forecasts a stronger growth rate of 4.49 per cent.

According to him, higher crude oil production, expanding domestic refining capacity, improving foreign reserves and a relatively stable and appreciating naira are expected to support investor confidence and economic growth.

Despite the positive outlook, Adonri stressed that sustained macroeconomic stability and policy consistency remain essential to preserving investor confidence and ensuring long-term growth in the capital market.

He expressed confidence that once institutional investors complete their portfolio adjustments and economic reforms continue to gain traction, the Nigerian stock market will gradually return to a stronger growth trajectory in the second half of 2026.

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Speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-Year 2026 Capital Market Review and Outlook in Lagos, Adonri said stronger corporate earnings and improving macroeconomic indicators are expected to support renewed momentum in the stock market.

He explained that the recent decline in share prices should not be viewed as evidence of weak market fundamentals but rather as a normal adjustment resulting from institutional investors rebalancing their portfolios after the rally driven by recent economic reforms.

According to him, the market’s underlying fundamentals remain solid, with investor sentiment supported by ongoing reforms and signs of macroeconomic stability.

Adonri, however, warned that inflation, political activities ahead of the 2027 general elections, insecurity, simultaneous corporate capital-raising programmes and geopolitical tensions in the Gulf region could weigh on market performance in the coming months.

He also projected that interest rates would remain elevated for now, while Exchange Traded Products are expected to gradually align with their underlying values as market conditions improve.

The investment expert identified the anticipated listing of the Dangote Refinery on the Nigerian Exchange as a major development that could significantly expand the size, liquidity and attractiveness of Nigeria’s capital market.

Reviewing the broader economy, Adonri noted that Nigeria’s reform agenda has continued to earn international recognition, citing improved sovereign credit ratings and positive economic growth forecasts from global institutions as indicators of growing confidence in the country’s economic management.

He added that higher crude oil production, improved foreign exchange reserves, expanding domestic refining capacity and a more stable naira are expected to support economic growth and encourage investment.

Adonri maintained that while the market is navigating short-term uncertainties, sustained policy consistency, macroeconomic stability and the completion of institutional portfolio adjustments should position the equities market for a moderate recovery in the months ahead.

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According to the organizers, both awards reflected Seplat Energy’s strong financial performance, operational efficiency, consistent production output, and sustained commitment to delivering value to shareholders.

Each category was assessed using Nairametrics’ data-driven evaluation framework, which focuses on key indicators of financial performance, operational strength, and shareholder returns, including: revenue growth, profit after tax (PAT) growth, return on average equity (ROAE), production output / capacity, dividend yield and dividend payout ratio.

According to Nairametrics, each parameter was carefully weighted to ensure a balanced and objective assessment of long-term value creation and operational execution.

The Founder/Chief Executive Officer, Nairametrics Financial Advocates Limited, Ugodre Obi-Chukwu, said the awards were created to recognise excellence, resilience and innovation across the capital market ecosystem.

He stressed that despite global economic uncertainty, tighter financial conditions and exchange-rate volatility, Nigeria’s capital market has remained resilient, supported by stronger investor confidence, improved corporate earnings, innovation and increased retail participation.

The Nairametrics boss explained that the theme of this year’s awards, “Capital Markets as a Pathway to Responsible Wealth Creation,” reflects the growing consensus that wealth creation must be sustainable, ethical and capable of delivering long-term value to businesses, investors and society.

Obi-Chukwu congratulated all nominees and winners, noting that their contributions continue to strengthen investor confidence and advance the development of Nigeria’s capital market.

According to him, the awards were established to recognise excellence, encourage responsible wealth creation and celebrate resilience across the financial ecosystem.

Commenting on the awards, the Director, External Affairs & Social Performance, Seplat Energy Plc, Chioma Afe, commended Nairametrics for its hard work and dedication over the years in ensuring a healthy capital market and facilitating business performances.

According to her, the various awards and recognitions play important role in raising standards, rewarding excellence and encouraging best practices across Nigeria’s capital market ecosystem. “For Seplat Energy, this is a call to more exceptional performance and general business excellence. We look forward to more exciting times in the market with significant growth in returns for all our stakeholders,” Afe assured.

About Seplat Energy Plc

Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Premium Board of the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL). Through our strategy to build a sustainable business and deliver energy transition, we are transforming lives by delivering affordable, reliable and sustainable energy that drives social and economic prosperity.

Seplat Energy’s portfolio consists of 11 PMLs, 17 PPLs and 5 OMLs in onshore and shallow water locations in the prolific Niger Delta region of Nigeria, which we operate with partners including the Nigerian Government and other producers. Furthermore, we have an operated interest in three export terminals including; the Qua Iboe export terminal, Yoho FSO, and Bonny River Terminal (BRT), and operate two large offshore NGL recovery plants at Oso and EAP.

We operate three gas processing plants onshore, at Oben and Sapele on our Western Assets and the 300 MMscfd ANOH Gas Processing Plant on our Eastern Assets, an integrated joint venture with NGIC. Combined, these gas facilities augment Seplat Energy’s position as a leading supplier of natural gas to the domestic power generation market.

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The proposed transaction forms part of resolutions to be presented to shareholders at an Extraordinary General Meeting (EGM) scheduled for July 15, 2026.

According to a notice filed with the Nigerian Exchange Limited (NGX), shareholders will be asked to note the directors’ intention to acquire and recapitalise Royal Exchange Prudential Life, a move expected to support the group’s growth ambitions and reinforce its presence in Nigeria’s insurance market.

In addition to the proposed acquisition and recapitalisation, the company is seeking shareholders’ approval to raise up to ₦2.7 billion through a public offer of 2.08 billion ordinary shares of 50 kobo each at ₦1.30 per share, subject to regulatory approvals.

The board is requesting authority to determine the terms and conditions of the offer, appoint professional advisers, execute transaction documents and obtain all necessary regulatory clearances required to complete the capital raise.

To facilitate the fundraising exercise, Royal Exchange is also proposing an increase in its share capital from ₦4.63 billion to ₦5.17 billion through the creation of an additional 1.08 billion ordinary shares of 50 kobo each.

The newly created shares will rank pari passu with the company’s existing ordinary shares, while the board is seeking authority to cancel any unallotted shares or further increase the company’s share capital where necessary to accommodate future capital-raising initiatives.

Shareholders will further consider a resolution authorising the board to allot the new shares created under the public offer to investors at ₦1.30 per share, or at such price as may be determined by the directors.

The company is also proposing amendments to its Memorandum of Association to reflect any changes in its issued share capital following the completion of the equity raise. The Company Secretary will be authorised to file all necessary documents with the Corporate Affairs Commission (CAC) and undertake actions required to implement the resolutions.

The planned acquisition and recapitalisation of Royal Exchange Prudential Life, alongside the proposed equity injection, underscore the insurer’s efforts to strengthen its financial capacity and position the group for future growth opportunities.

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The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

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In a notice to shareholders, the investing public, and the Nigerian Exchange (NGX), the insurer disclosed that the exercise follows the approval granted by shareholders at the Extraordinary General Meeting (EGM) held on April 4, 2025.

The notice, signed by the Company Secretary and Legal Adviser, Halima Jimada, stated that the company’s issued share capital will be reconstructed from ₦6.46 billion, comprising 12.91 billion ordinary shares of 50 Kobo each, to ₦1.61 billion, comprising 3.23 billion ordinary shares of 50 Kobo each.

Under the approved arrangement, shareholders will receive one (1) new ordinary share for every four (4) existing ordinary shares held.

To facilitate the reconstruction process, Fortis Global Insurance announced that trading in its shares will be suspended for a period of up to two weeks beginning Wednesday, June 17, 2026.

The company also disclosed that its Register of Shareholders will be closed during the period to enable the Central Securities Clearing System (CSCS) Plc and PAC Registrars & Investors Services Limited, the company’s registrars, to complete the share consolidation exercise and prepare an updated register of shareholders.

According to the company, the temporary suspension of trading and closure of the register are necessary administrative steps required for the successful implementation of the reconstruction.

Share capital reconstruction is a corporate action that reduces the number of shares in issue while preserving shareholders’ proportional ownership in the company. Such exercises are often undertaken to improve a company’s capital structure and enhance the attractiveness of its stock to investors.

Fortis Global Insurance assured shareholders that further information regarding the completion of the reconstruction and the resumption of trading will be communicated through the appropriate regulatory channels.

The development marks a significant milestone in the company’s ongoing efforts to strengthen its capital framework and position the business for future growth.

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The signing ceremony, held at the Company’s headquarters in Lagos, brought together members of the Board of Directors, Management, Issuing Houses, Legal Advisers, Stockbrokers, and other key stakeholders, underscoring strong confidence in Regency Alliance’s future prospects and strategic direction.

The Rights Issue consists of 3,201,000,000 ordinary shares of 50 Kobo each at 95 Kobo per share, offered on the basis of one (1) new ordinary share for every five (5) ordinary shares held.

The offer is aimed at strengthening the Company’s capital base, enhancing underwriting capacity, and funding strategic investments in technology, product innovation, and customer experience.

For shareholders, the Rights Issue presents an opportunity to increase their ownership stake in a company that has consistently delivered value through disciplined underwriting, responsive service delivery, and prudent financial management.

Speaking at the signing ceremony, the Acting Chairman of Regency Alliance Insurance Plc, Chief Wale Taiwo, SAN, described the development as a major step in the Company’s growth journey.

“Today’s signing is more than a formality. It is a statement of belief — belief in our people, our strategy, and the trust our customers and shareholders have placed in us over the years.

This capital raise will give us the firepower to meet evolving risks, expand our reach, and deepen the promise we make to every policyholder that Regency Alliance will be there when it matters most,” he said.

Chief Taiwo also expressed appreciation to shareholders for their continued support and encouraged all eligible investors to participate in the offer.
“We are particularly encouraged by the unwavering support of our shareholders who have stood by the Company throughout its growth journey. We urge all eligible shareholders to take advantage of this Rights Issue and fully exercise their rights. By doing so, they will not only protect their investment from dilution but also participate directly in the exciting growth opportunities that lie ahead for Regency Alliance Insurance Plc.”

Also commenting on the Rights Issue, the Managing Director, Mr. Bode Oseni, said the capital raise would accelerate the Company’s transformation agenda and strengthen its competitive position in the insurance industry.

“Regency Alliance has always prided itself on being agile, customer-focused, and financially sound. The proceeds from this Rights Issue will accelerate our digital transformation, enhance claims efficiency, and enable us to introduce innovative products tailored to SMEs, Gen Z, and other underserved segments across Nigeria and beyond. We are not merely raising capital; we are raising our ambition,” he stated.

According to him, the Company remains optimistic that shareholders will embrace the opportunity and demonstrate their confidence in Regency Alliance’s future by taking up their rights.

Key Highlights of the Rights Issue

● Purpose: To bolster solvency ratios, support business growth, and invest in digital infrastructure and new product development.
● Shareholder Value: Existing shareholders will be offered the right to subscribe for additional shares in proportion to their current holdings, protecting them from dilution while enabling them to participate in the Company’s future growth.
● Market Confidence: The successful signing reflects strong endorsement from the Company’s advisers and confidence in Regency Alliance Insurance Plc’s governance, risk management framework, and long-term strategy.
● Acceptance Period: The Acceptance List will open on 22 June 2026 and close on 3 July 2026. Eligible shareholders are encouraged to complete and submit their applications within the stipulated period.

Over the years, Regency Alliance Insurance Plc has built a reputation for prompt claims settlement, innovative insurance solutions, and strong corporate governance. The Company serves thousands of individuals and businesses across Nigeria, providing general insurance products that protect lives, assets, and livelihoods.

With all regulatory approvals secured and the Rights Issue Agreement formally executed, the Company will proceed with shareholder communications and offer implementation in compliance with the requirements of the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX).
The Board and Management remain confident that the Rights Issue will receive strong support from shareholders and further position the Company for sustainable growth, enhanced profitability, and long-term value creation.

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The Group recently hosted an X Space session themed “Follow the Fundamentals: A Beginner’s Guide to the Stock Market,” reaching over 5,000 users, largely young Nigerians, first-time investors, and retail market participants seeking to better understand investment opportunities in the capital market.

Featuring social media investment influencer, Omiete Inko-Tariah, alongside representatives from Nigerian Exchange Limited and NGX Regulation Limited, the session demystified key concepts around market operations, investor protection, and safe participation. Beyond education, it served as an open forum where retail investors engaged directly with market stakeholders on issues of confidence, transparency, and accessibility.

Speaking on the initiative, Clifford Akpolo, Head, Group Communications and Partnerships at NGX Group, said: “Deepening retail participation is critical to building a more resilient, inclusive, and sustainable capital market. At NGX Group, we believe financial literacy is not just an educational responsibility, it is a strategic imperative for strengthening investor confidence, improving market accessibility, and expanding long-term wealth creation opportunities for Nigerians. Through digital platforms like this, we are leveraging innovation to connect with the next generation of investors and democratize access to market knowledge.”

The initiative forms part of NGX Group’s broader sustainability agenda under its Community pillar, which focuses on advancing financial literacy, inclusion, and economic empowerment through education-driven and stakeholder-focused programmes.

Following the success of this edition, NGX Group plans to sustain similar engagements as part of its ongoing commitment to strengthening investor confidence, deepening retail participation, and building a more resilient and inclusive investment ecosystem.

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