Guinea Insurance Board Approves PrivatePlacement Plan

Ebere Nwoji

Guinea Insurance Plc, has secured the  approval of  the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Group (NGX), for its Completion Board Meeting to endorse its Private Placement plans. 

The company said the  initiative involved the issuance of 1,802,800,000 Ordinary Shares at 50 Kobo per share, adding that the  endorsement was seen as a reinforcement of the Company’s dedication to regulatory compliance and its clear strategic vision to emerge as a leading insurance company in Nigeria.

Speaking at the meeting, Guinea Insurance Chief Executive Officer, Ademola Abidogun, expressed his heartfelt gratitude for the tremendous support the company had received from both stakeholders and regulators. He underscored the crucial significance of the private placement initiative in harnessing emerging opportunities and enhancing value for all stakeholders. He noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and its dedication to maximising returns for investors and partners. 

“Guinea Insurance  is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities. Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in Insurance Contract Revenue (36.54 percent), Insurance Service Result (57.00 percent and Net Investment Income (44.51 percent ) The transformation of Profit/(Loss) Before and After Income Tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 percent and 125.96 percent respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.”