Guinea Insurance said it will delay its result for the period ended 31st March, 2017 will not be filed with the Nigerian Stock Exchange by the due date, 30th April, 2017.
The Company’s inability to meet up with the submission deadline to the Nigerian Stock Exchange was borne out of the fact that our 2016 Audited Financial Statement has not been approved by our Primary Regulator (National Insurance Commission) which is a prerequisite for submitting the quarterly account to The Exchange.
We are inhibited not to give a specific date for the submission of the First Quarter Account as we are not in control of the approval process of the National Insurance Commission.
The history of Guinea Insurance plc dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to Business Growth and to maximize available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.
Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas. The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.