Guinea Insurance Plc (NGX: GUINEAINS) has announced the successful completion of its statutory deposit payment to the Central Bank of Nigeria (CBN), in its ongoing recapitalisation efforts under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
In a press release issued on Monday, the company stated that it has fully remitted the required deposit, bringing its total statutory deposit balance to ₦1.5 billion.
This amount represents 10% of the minimum capital requirement applicable to non-life insurance companies as stipulated by the new regulatory framework.
This milestone represents another significant step in the Company’s recapitalisation programme and underscores Guinea Insurance’s commitment to meeting all regulatory requirements within the stipulated timelines, as stated in the document
The payment demonstrates Guinea Insurance’s proactive approach to strengthening its financial position amid the industry-wide reforms aimed at enhancing stability, consumer protection, and operational capacity of insurance firms in Nigeria.
The Board and Management expressed gratitude to shareholders, policyholders, brokers, customers, and business partners for their continued support as the company advances its growth objectives.
Administrator and Writer
