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Guinea Insurance Plc gets N453.6 million fine for disclosure violations  



Guinea Insurance Plc

The Nigerian Exchange has sanctioned Guinea Insurance Plc with a fine of N453.6 million for post-listing violations. 

 This was contained in the X-Compliance Report of the Exchange seen by ThePressNG. 

 According to the report, the company failed to utilize the Issuers Portal to file sensitive information which is a violation of Rules 18.2(c) and 18.2(d): Issuers’ Portal Rules. 

Schedule five of the X-Compliance Report noted:  

X-Compliance Report is an initiative of the Nigerian Exchange Limited (NGX) which is designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies. 

 Companies listed on NGX are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules. 

Financial information which is periodic disclosure and ongoing material events disclosure should be released to NGX in a timely manner to enable it to efficiently perform its function of maintaining an orderly market. 

Guinea Insurance Plc recently got regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per share in a private placement. 

 This was disclosed in a statement issued by the insurance company on the capital-raising effort. 

 Part of the statement read,

 The Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, speaking on the development, spoke on the crucial significance of the private placement initiative in harnessing emerging opportunities and enhancing value for all stakeholders. 

 He noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share, and dedication to maximizing returns for investors and partners. 

 Abidogun said,