Great Nigerian Insurance Opens Rights Issue for N15.6 Billion

Nume Ekeghe

Great Nigerian Insurance Plc has received approval from the Securities and Exchange Commission (SEC) to proceed with a rights issue of 6,000,000,000 ordinary shares, each with a par value of 50 Kobo, priced at N2.60 per share.

The rights issue, valued at N15.6 billion, will be offered on the basis of six new ordinary shares for every seven existing ordinary shares held as of the close of business on 4 June 2026.

The company notified shareholders, stakeholders, the National Association of Securities Dealers and the investing public that it had obtained SEC approval for the proposed offer and would move forward in accordance with the terms approved by the Commission.

Before this rights issue, the company completed a private placement of N8.2 billion, raising its combined capital base to N21.3 billion and bringing its capital position into full compliance with the National Insurance Commission (NAICOM)’s N10 billion minimum capital requirement for life business operations.

The qualification date for the rights issue was 4 June 2026. The application list opened on Monday 15 June 2026 and will remain open until Friday 26 June 2026.

The current rights issue is expected to further recapitalise the company’s general business operations and strengthen its capital position beyond NAICOM’s minimum threshold of N15 billion.

According to the company, the gross proceeds of N15.6 billion will be primarily used to inject capital into the general business segment and provision for outstanding claims, in line with the transaction objectives presented to investors.

Rights circulars and application materials will be made available to qualifying shareholders through the company’s registrar and other approved channels. Shareholders are advised to contact their stockbrokers or financial advisers for further information on the offer.