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)
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