Recapitalisation: Guinea Insurance completes N1.5 billion statutory deposit payment
Guinea Insurance Plc says it has completed the statutory deposit requirement prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as part of its recapitalisation programme.
The company disclosed this in a corporate filing with the Nigerian Exchange Ltd on Tuesday, signed by its company secretary, Chinenye Nwankwo.
According to the filing, Guinea Insurance remitted the required statutory deposit to the Central Bank of Nigeria (CBN), bringing its total statutory deposit balance to N1.5 billion.
It said the amount represented 10 per cent of the minimum capital requirement for non-life insurance companies under the provisions of the Act.
The insurer said the development marked a key milestone in its recapitalisation programme and reflected its commitment to meeting regulatory requirements within the stipulated timeframe.
“Guinea Insurance is pleased to inform its esteemed shareholders and other stakeholders that it has fully complied with the statutory deposit requirement prescribed under the Nigerian Insurance Industry Reform Act 2025.
“In compliance with the provisions of the Act, the company has remitted the required statutory deposit to the CBN, bringing its total statutory deposit balance to N1.5 billion.”
The company expressed appreciation to its shareholders, policyholders, brokers, customers and business partners for their continued support and confidence.
It added that it remained focused on achieving its strategic growth objectives while maintaining compliance with industry regulations.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Speaker Abbas hails Shettima’s re-nomination as Tinubu’s running mate in 2027
Mr Tajudeen said the vice president had remained dependable since assuming office.
NationWide
Harmonisation reforms will promote pension equity, restore confidence: PTAD
PTAD manages pensions under the old Federal Government pension arrangement.
NationWide
Mixed reactions trail FG’s N50,000 approval for WAEC, NECO exam fee
Ms Ogunkoya urged the government to balance cost recovery with citizens’ access to essential public services.
Hot news Home top
Man arrested for allegedly beating wife to death over food in Nasarawa
The police spokesman added that the suspect expressed remorse over the incident.
Heading 5
Seven die in Bauchi-Maiduguri road crash
The police spokesperson said an investigation had commenced to determine the immediate and remote causes of the accident.
World
FBI offers $50,000 reward for information on fugitive wanted for violent crimes
A federal arrest warrant was issued for Mr Singh in the United States District Court, Central District of California, Los Angeles, California on July 1.
