Guinea Insurance Receives Regulatory Approval To Issue 1.8b Ordinary Shares
L-R: Dr. Mohammed Tahir, Non-Executive Director; Ademola Abidogun, Managing Director; Samuel Onukwue, Non-Executive Director; Chinenye Nwankwo, Company Secretary; Pius Edobor, Executive Director, Finance & Accounts during the meeting.
Guinea Insurance Plc said it had received the unanimous approval of the industry regulators, including the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Group (NGX), for its Completion Board Meeting and Private Placement initiative.
Accordingly, the Company, in a statement, has notified the investing public of this remarkable feat.
“This initiative involved the issuance of 1,802,800,000 Ordinary Shares at 50 Kobo per Share. The endorsement was seen as a reinforcement of the Company’s dedication to regulatory compliance and its clear strategic vision to emerge as a leading insurance company in Nigeria,” the statement stated.
Mr. Ademola Abidogun, the Managing Director/CEO of Guinea Insurance Plc, in the statement, expressed his heartfelt gratitude for the tremendous support the Company had received from both stakeholders and regulators.
He underscored the crucial significance of the private placement initiative in harnessing emerging opportunities and enhancing value for all stakeholders.
He noted that the initiative was consistent with the Company’s proactive approach to securing future growth, increasing market share and its dedication to maximizing returns for investors and partners.
The MD/CEO was quoted in the statement to have said “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities. Our resolute commitment to success and the results of it can be seen from the Company’s performance in Q2 of 2023.
“The Company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in Insurance Contract Revenue (36.54%), Insurance Service Result (57.00%), and Net Investment Income (44.51%).
“The transformation of Profit/(Loss) Before and After Income Tax was especially striking, showing an impressive turnaround from loss to profit by 132.2% and 125.96%, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the Company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider”.
“The regulatory approval demonstrates Guinea Insurance Plc’s dedication to its stakeholders and its unwavering pursuit of sustainable growth while remaining attentive to industry trends and opportunities.”
