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Great Nigerian Insurance Plc has received approval from the Securities and Exchange Commission (SEC) to proceed with its proposed rights issue of 6,000,000,000 ordinary shares of 50 Kobo each at N2.60 per share.
The rights issue, valued at N15.6 billion, is being offered based on six new ordinary shares for every seven existing ordinary shares held as at the close of business on 4th June 2026.
This was made known in a notice to shareholders, stakeholders, the National Association of Securities Dealers and the investing public, stating that the Company had obtained approval from the Securities and Exchange Commission for the proposed offer and would proceed with the rights issue in line with the terms approved by the Commission.
Prior to this rights issue, the Company successfully concluded a private placement of N8.2 billion, which improved its combined capital base to N21.3 billion and thereby enhanced its capital position into full compliance with the National Insurance Commission’s N10 billion minimum capital requirement for life business operations.
The Company stated that the qualification date for the rights issue is 4th June 2026, and the application list will open on Monday, 15th June 2026 and remain open till Friday, 26th June 2026.
The current rights issue is expected to further support the recapitalisation of the Company’s general business operations and strengthen its capital position beyond the NAICOM’s minimum threshold of N15 billion.
According to the Company, the gross proceeds of N15.6 billion are expected to be deployed primarily towards capital injection into the general business segment and provisioning for outstanding claims, in line with the transaction objectives presented to investors.
Rights circulars and application materials are expected to be made available to qualifying shareholders through the Company’s Registrar and other approved channels, while shareholders are advised to contact their stockbrokers or financial advisers for further information on the offer.
