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.”
States
Osun govt presents staff of office to five traditional rulers
The governor urged them to continue promoting peace, unity and development within their respective domains.
States
Kebbi secures $4.1 billion in commitments, plans regional energy hub with six states
“In the North-West, we have started to build synergy to establish a common electricity supply for all seven states in the region,” he said.
Anti-Corruption
Social media influencer Blessing CEO faces fresh EFCC arraignment over N69.1 million fraud amid N36 million trial
Justice Oshodi remanded her in EFCC custody and adjourned the matter until July 16, 2026, for the hearing of the bail application and the commencement of trial.
States
Oyo Abduction: State assembly calls for stronger security deployment to schools
He urged the state government to deploy operatives of the Amotekun Corps, the Nigeria Police Force and other security agencies to schools across the state.
Heading 1
NJFP: FG targets 23,724 graduates for empowerment, assures sustainability
He described the programme as a national workforce development initiative to address graduate unemployment.
Economy
Scientists urge commercialisation of food research to boost industry growth
“Research is only meaningful when it leaves the laboratory and gets to the market. If research remains on the shelf, its economic value is lost,” he said.
