Great Nigerian Insurance gets SEC approval for N15.6bn rights issue at N2.60/share

Great Nigerian Insurance Plc has secured SEC approval to launch a rights issue of 6 billion ordinary shares at N2.60 each, raising N15.6 billion. The offer is six new shares for every seven existing shares held as of the close of business on 4 June 2026. Application lists open Monday 15 June and close Friday 26 June 2026.

The rights issue follows an earlier private placement of N8.2 billion that lifted the company's combined capital base to N21.3 billion, already satisfying NAICOM's N10 billion minimum for life insurance operations. The new funds will be deployed to boost the general business segment and cover outstanding claims, pushing the company's capital well beyond NAICOM's N15 billion threshold for general business.

For shareholders, this means an opportunity to increase their stake at a discounted price relative to the current market value, while the company strengthens its solvency and capacity to underwrite more risk. Eligible shareholders should ensure they have their shareholding details ready and consult their stockbrokers or financial advisers for subscription procedures. The proceeds will enhance the insurer's ability to meet policyholder obligations and support growth in its general insurance portfolio.

SOURCE: https://nairametrics.com/2026/06/18/great-nigerian-insurance-plc-commences-n15-6bn-rights-issue/