Guinea Insurance Plc announced it has finalised payment of its statutory deposit to the Central Bank of Nigeria (CBN), bringing its total deposit balance to ₦1.5 billion in full compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The deposit makes up 10 per cent of the minimum capital needed for non-life insurance firms under the new rules, marking an important step in the company’s ongoing recapitalisation efforts.
The Company Secretary, Chinenye Nwankwo, in a statement, described Guinea Insurance’s development as a demonstration of its commitment to meeting all regulatory obligations within stipulated deadlines.
The completion of this requirement places Guinea Insurance among insurers actively aligning with the NIIRA 2025 sweeping capital reforms, which have set higher thresholds for operators across Nigeria’s insurance industry.
The Board and Management used the occasion to acknowledge the support of shareholders, policyholders, brokers, and business partners as the company advances its broader strategic growth agenda.
The ₦1.5 billion statutory deposit it has just remitted to the CBN is explicitly described as 10 per cent of the minimum capital requirement for non-life insurers; however, it is working toward meeting the ₦15 billion threshold applicable to that category, not transitioning to a different class.
The stock opened 2026 at ₦1.33 per share but had shed about 2.26 per cent of that value by late January, ranking it 141st on the NGX in year-to-date performance.
Recall that NAICOM set a 12-month deadline for all insurers and reinsurers to meet the new Minimum Capital Requirements under NIIRA 2025, following President Tinubu’s assent and the commencement of the recapitalisation exercise on 31 July 2025. Insurers are required to comply by 30 July 2026. The new capital thresholds are ₦10 billion for life insurance companies, ₦15 billion for non-life insurance companies, ₦25 billion for composite insurance companies, and ₦35 billion for reinsurance companies.
The NIIRA replaces the previous fixed capital requirements with a higher-of approach — either a fixed sum or a Risk-Based Capital amount determined by NAICOM, taking into account insurance risk, market risk, credit risk, and operational risk
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