‘Fake news,’ Guinea Insurance denies being fined N456.6m for disclosure violations

Guinea Insurance Plc has debunked media reports claiming that it got N453.6 million fine for disclosure violations.

In a statement signed by the Company Secretary Chinenye Nwankwo, the Company stated thus:

“The attention of Guinea Insurance Plc has been drawn to a false publication by certain media outlets captioned, “Guinea Insurance gets N453.6million fine for disclosure violations”. The Board and Management of Guinea Insurance Plc wish to clarify that these publications are entirely erroneous and inaccurate. The Nigerian Exchange Limited (NGX) at no time imposed a fine of N453.6 million on Guinea Insurance Plc. The company only paid a fine of N453,600 for a breach of NGX’s Rules regarding mandatory reporting via the Issuer’s Portal.

“We consider the publication of such inaccurate information to be not only damaging to the Company’s reputation but also misleading to our esteemed Shareholders, Clients, Partners, and General Public. Therefore, we demand the immediate retraction of the article and a public apology and correction to rectify this false information. Guinea Insurance Plc takes its reputation and integrity seriously and will take all necessary steps to protect its image from defamation.”