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Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval

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BY NKECHI NAECHE-ESEZOBOR—Emerging from National Insurance Commission, (NAICOM), sector-wide recapitalisation drive with a capital base exceeding ₦15 billion, Guinea Insurance Plc on Friday said its positioning itself for a major market transformation.

With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

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Dangote, Ruto to launch $16 billion Kenya refinery amid land protests

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Africa’s richest man and president/CEO of Dangote Industries Limited, Aliko Dangote, and Kenya’s President, William Ruto, are set to break ground on a $16 billion oil refinery in Lamu County, on Kenya’s northern coast.

This is against the backdrop of protests and legal challenges over land acquisition and compensation.

The proposed Dangote East Africa Petroleum Refinery has raised concerns among residents, activists and economic experts over its potential environmental and social impacts, particularly the displacement of communities and the adequacy of compensation for affected landowners.

Ahead of the groundbreaking ceremony, some residents took to the streets to demand better compensation for land earmarked for the project.

Farmers and residents of Chandavai have also filed a lawsuit alleging forced eviction and property destruction without adequate compensation or a proper resettlement plan.

The petitioners argued that the land designated for the refinery is part of their ancestral heritage and provides essential livelihoods for their families.

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In response to the legal challenge, the Malindi Environment and Land Court ordered a temporary halt to construction activities pending a hearing.

Environmental activists have also questioned whether the project complied with mandatory public participation requirements and comprehensive environmental impact assessments under Kenyan law.

According to the BBC, Mr Dangote has dismissed the protests as manoeuvres by local marketers and international players, while insisting the refinery would proceed as planned and be ready by 2030.

In an interview with the BBC’s Focus on Africa programme, Mr Dangote disputed claims of inadequate compensation, saying his company had acquired only the portion of land it required from the area made available by the government.

“To come and say some people are demonstrating, demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked, indicating that the protests would not derail the project.

Mr Dangote said the refinery would create about 60,000 jobs at the peak of construction, with the benefits extending beyond those directly employed by the project.

“Are we going to bring robots? Of course, the people will benefit,” the BBC quoted him as saying.

The proposed refinery is expected to process 700,000 barrels of crude oil per day, making it one of Africa’s largest refining facilities and the biggest industrial project of its kind in East Africa.

The project is expected to cost between $15 billion and $16 billion and take about three years to construct. It is modelled after Dangote’s 650,000-barrel-per-day refinery in Lagos, Nigeria.

Once completed, the facility is expected to supply refined petroleum products to Kenya, South Sudan, Uganda, Burundi, and the Democratic Republic of the Congo.

The proposed investment has also triggered questions about why Kenya was selected for the refinery, given that it is not an oil-producing country. Some critics have suggested that Tanzania or Uganda would be more suitable locations, particularly as both countries are advancing plans to export crude oil through the East African Crude Oil Pipeline.

However, Kenya’s Energy and Petroleum Minister, Opiyo Wandayi, told the BBC that the refinery would not depend exclusively on crude oil produced within the region.

“Refineries get crude oil from the market. And the market is open,” he said.

Mr Dangote also defended the choice of location, citing Singapore as an example of a country that has developed a substantial refining industry despite having no domestic crude oil production.

“Singapore doesn’t produce a single drop of oil, yet they have a lot of refineries,” he said.

The refinery will also feature a 1,000-megawatt power plant designed to provide electricity for its operations and support other industries expected to emerge in the area.

Mr Dangote has identified unreliable electricity supply as a major obstacle to industrialisation in Africa, particularly in resource-rich countries that export raw materials instead of processing them locally.

READ ALSO: Dangote Refinery a masterpiece of science, engineering, art – Kenyan President

The Nigerian industrialist has about $50 billion worth of projects in the pipeline, including plans to develop 10,000 megawatts of power generation capacity across Africa by 2030, with the possibility of doubling the target depending on demand.

The proposed Lamu power plant is expected to support the refinery’s operations while providing electricity for other industrial activities in the region.

The Lamu project comes as Mr Dangote expands his investments across Africa, following the commissioning of his 650,000-barrel-per-day refinery in Lagos, which can supply petroleum products to domestic and international markets.

The proposed Kenyan refinery is also expected to reduce the region’s dependence on imported petroleum products. East African countries currently rely heavily on fuel imports, much of which comes from the Middle East, exposing them to global supply disruptions and fluctuations in crude oil prices.

The refinery’s development, however, still depends on resolving land acquisition disputes, compensation concerns, and environmental issues raised by affected communities and campaigners.


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CIIN Cements Institutional Partnership with Insurance Meets Tech for 5th Edition

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BY NKECHI NAECHE-ESEZOBOR —The Chartered Insurance Institute of Nigeria (CIIN) has extended its partnership with Insurance Meets Tech (IMT), lending its professional support to the fifth edition of the annual insurance and technology conference, scheduled to be held on Friday, November 20, 2026, at the Balmoral Event Centre, Sheraton Hotel, Ikeja, Lagos.

This, partnership reflects both institutions’ shared commitment to advancing meaningful conversations on innovation, professional development, and the future of insurance in Nigeria, while strengthening the connection between the insurance profession and the wider technology ecosystem.

This milestone year, the 5th edition, under the theme “Building Insurance That Connects,” will convene insurance professionals, technology leaders, regulators, innovators, entrepreneurs, investors, and other stakeholders to examine how technology, collaboration, and new ideas can help create a more connected, accessible, and responsive insurance industry.

Speaking on the partnership, Mr. Akinjide Orimolade, President/Chairman of Council, CIIN, said, “As the industry continues to evolve, we must ensure that innovation is matched by competence, professionalism and a clear understanding of the customer we ultimately serve. This is why CIIN continues to lend its full support to platforms such as IMT provides an important space for the insurance community to have honest conversations, challenge old assumptions, and collectively consider what a more connected, technology-driven, and future-ready industry should look like. Our partnership with IMT for this edition is a reaffirmation of that commitment, and we are confident this year’s conversations will move the industry closer to the innovative future we all envision”

Also, Odion Aleobua, Founder/Convener of IMT and Chief Executive Officer, Creato Urban, stated, “CIIN’s continued institutional support speaks to the credibility this platform has built over the years. It reflects an industry that recognises IMT as more than an event, but as a genuine driver of change within the insurance and technology space. This partnership strengthens our ability to convene the right stakeholders, drive the right conversations, and deliver solutions for an industry that must keep evolving. As we approach the 5th edition, our commitment remains to position IMT as a trusted platform where the future of insurance in Nigeria is actively shaped.”

Over the past four editions, IMT has established itself as a platform for dialogue between the insurance and technology sectors, bringing together industry leaders and emerging innovators to examine technology’s role in shaping the future of insurance.

This edition will build on that foundation with high-level panel discussions, keynote sessions, technology showcases, and networking opportunities focused on digital transformation, emerging technologies, professional development, customer experience, and the broader evolution of the insurance ecosystem.

About Insurance Meets Tech (IMT)

IMT is West Africa’s leading annual insurance and technology conference, dedicated to promoting collaboration between the insurance industry and the technology ecosystem. Through conferences, thought leadership, networking, and strategic partnerships, IMT serves as a gateway for digital transformation, industry growth, and customer-centric innovation within the insurance sector.Qw

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