Great Nigerian Insurance Plc said it has secured 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 N2.6 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 of 4 June, 2026, the company said.

This was disclosed in a notice to shareholders, stakeholders, the National Association of Securities Dealers and the investing public.

It said the company had obtained approval from the SEC for the proposed offer and would proceed with the rights issue in line with the terms approved by the commission.

The company successfully concluded a private placement of N8.2 billion, which raised its combined capital base to N21.3 billion, enhancing its capital position into full compliance with the National Insurance Commission’s (NAICOM) N10 billion minimum capital requirement for life business operations.

The application of the rights issue opened on 15 June and remained open till 26 June.

The offer 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.