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
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
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
Aviation unions oppose FG’s plan to abolish 5% ticket, cargo sales charges
Mr Ocheme said that any review of aviation charges must follow transparent statutory procedures.
States
NAFDAC warns Imo patent medicine dealers against selling fake, expired drugs
According to the NAFDAC boss, commercial interests must never justify endangering public health.
Economy
N1,300/$1: Naira would have become worthless without my policy, Tinubu says
Mr Tinubu announced the unification of exchange rates a few days into his administration in 2023.
Lagos
Customs boss decries 20-year abandonment of power equipment at ports
Mr Adeniyi described the abandonment of equipment procured with public funds as irresponsible.
NationWide
2027: INEC chairman restates commitment to improved staff welfare
Mr Amupitan disclosed that the commission had introduced a new salary structure.
NationWide
Atiku sold Nigeria’s assets as VP, will sell country if elected president: Wike
Mr Shaibu challenged the minister to identify the specific national assets Mr Abubakar allegedly sold.
