Guinea Insurance Plc has achieved a significant milestone in its recapitalisation efforts, announcing the successful completion of its statutory deposit requirement in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The disclosure was made in a corporate filing submitted to the Nigerian Exchange Ltd on Tuesday and signed by the company secretary, Chinenye Nwankwo.
According to the statement, the insurer has remitted the required statutory deposit to the Central Bank of Nigeria (CBN), bringing its total deposit balance to N1.5 billion. The amount represents 10 per cent of the minimum capital requirement mandated for non-life insurance companies under the provisions of the Act.
The company described the development as a critical step in its recapitalisation programme, underscoring its commitment to regulatory compliance and financial strengthening within the stipulated timeline.
“Guinea Insurance is pleased to inform its esteemed shareholders and stakeholders that it has fully complied with the statutory deposit requirement as prescribed under the Nigerian Insurance Industry Reform Act 2025,” the statement read.
The insurer expressed gratitude to its shareholders, policyholders, brokers, customers and business partners for their continued trust and support, noting that their confidence has been instrumental to the company’s progress.
Guinea Insurance reaffirmed its focus on achieving its long-term growth strategy while maintaining strict adherence to regulatory standards in Nigeria’s evolving insurance landscape.
Industry observers note that the company’s compliance signals its readiness to remain competitive as the sector undergoes reforms aimed at strengthening capital adequacy and improving service delivery.
