Guinea Insurance gets NIPEX approval for energy deals


Lagos-based life and non-life insurer, Guinea Insurance, has been given a clean bill of health to handle large accounts following the successful conclusion of the prequalification audit recently conducted by the Nigerian Petroleum Exchange (NIPEX).

The NIPEX certificate affirms Guinea Insurance as a viable player in the industry and attests to its capacity to take on mega oil and gas businesses in Nigeria. In a related development, its membership was reinstated at the regional body’s African Insurance Organisation (AIO) 41st Conference and General Assembly held in Kigali, Rwanda.

The readmission will avail Guinea Insurance the privilege to subscribe to the African oil and gas and aviation pools. It will also enable the company to place part of its energy and aviation acceptances/risks businesses with the mega pools in Africa.

Polycarp Didam, managing director of Guinea Insurance, said the company was committed to enhancing capacity building and continually exploring opportunities in the industry.

“We have finally received our certificate from NIPEX to bid on large ticket energy deals, with this approval, we are now set to participate in energy related deals in Nigeria, which is a very serious achievement for our company,” he said in a statement released this week.

Team leader of energy and special risks, Evwaire Godwin, said the company was set to fully explore opportunities in the oil and gas sector. “Efforts are underway to revitalise and position the brand on a higher pedestal that would generate positive emotional after-taste and propel confidence and equitable service delivery to enable the company to take its rightful place in the Nigerian insurance industry.”