SUNU Assurances to raise N9 billion for recapitalisation plan
SUNU Assurances Nigeria shareholders authorized management to pursue a capital increase of up to 9 billion naira during an extraordinary general meeting in Lagos, responding to regulatory requirements under the Nigerian Insurance Industry Reform Act that elevated minimum capital thresholds for non-life insurers from 3 billion to 15 billion naira. Board Chairman Kyari Abba Bukar indicated the company will deploy multiple fundraising mechanisms, including rights issues and private placements, to address the capitalization shortfall ahead of compliance deadlines, while also resolving free-float deficiencies on the Nigerian Exchange.
Managing Director Samuel Ogbodu disclosed that parent organization SUNU Group plans to reduce its 83 percent ownership stake to 70 percent, enabling broader Nigerian investor participation. Executive Director Elie Ogounigni emphasized the multinational insurer’s commitment across 17 countries while confirming full support for the Nigerian subsidiary’s recapitalization program designed to strengthen underwriting capacity and attract fresh investment into operations.
