Guinea Insurance Plc has deposited N1.5 billion with the Central Bank of Nigeria as part of its compliance with statutory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This action is a significant step in the company's ongoing recapitalization program, aiming to meet industry deadlines and strengthen its financial standing.

The N1.5 billion deposit specifically represents 10% of the minimum capital requirement applicable to non-life insurance companies. This move underscores Guinea Insurance's commitment to adhering to regulatory timelines.

The company stated that the deposit brings its total statutory deposit balance to N1.5 billion, fulfilling the prescribed requirement under NIIRA 2025.

This development follows closely on the heels of Guinea Insurance Plc's N5.8 billion Rights Issue, which was launched to bolster its capital base before the July 2026 recapitalization deadline.

The Rights Issue involved the offer of 5,295,200,000 ordinary shares of 50 kobo each at N1.10 per share. This was structured on the basis of two new shares for every three existing shares held as of January 21, 2026.

Management indicated that the capital injection from these initiatives is intended to enhance the company's operational capacity, improve its market positioning, and support investments in technology and digital transformation.