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.”
Heading 1
Iran’s new supreme leader vows revenge over father’s assassination by U.S.-Israeli forces
“We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers,” he said.
Heading 4
Trump administration subpoenas New York Times journalists over Air Force One story
The subpoenas seek to compel the reporters to testify before a federal grand jury in Manhattan.
Heading 2
Klopp agrees to replace Nagelsmann as Germany coach
Nagelsmann resigned last week as the men’s national team coach following Germany’s shocking exit from the 2026 FIFA World Cup.
Health
FG expands cancer funding, local drug production
“We are trying to domesticate expensive treatments by producing much-needed medicines locally and translating global research into action in our clinics,” he said.
Heading 3
Remi Tinubu begs Asake, Davido, Burna Boy to come rescue poor Nigerians from hunger
The first lady stated that buying exotic cars is good, but noted that the singers can still establish foundations to assist the struggling population.
Heading 5
State police may be misused for political victimisation if systemic corruption persists, Anglican bishop says
“If corruption remains prevalent, those in state authority might use the structure to victimise their perceived enemies,” he said.
