SUNU Assurances targets N9.34bn via rights issue

SUNU Assurances Nigeria Plc has commenced a rights issue to raise N9.34bn from existing shareholders as part of efforts to strengthen its capital base and expand operations in Nigeria’s insurance sector.

The company is offering 2,075,285,715 ordinary shares of 50 kobo each at N4.50 per share.

According to the Company Secretary, Taiwo Kuku, the offer is open to shareholders whose names appeared in the register of members as of the close of business on 12 February 2026.

She stated that the rights issue provides five new ordinary shares for every 14 ordinary shares held by existing shareholders.

The offer opened on 13 April 2026 and is scheduled to close on 20 May 2026.

The shares are being traded on the floor of the Nigerian Stock Exchange Limited during the offer period.

Managing Director of SUNU Assurances, Samuel Ogbodu, described the capital raising exercise as a strategic step to strengthen the company’s financial position.

Ogbodu said, “This Rights Issue is a strategic step to further strengthen our balance sheet and position SUNU Assurances to take advantage of emerging opportunities in Nigeria’s insurance market.”

He added that the proceeds would be deployed to expand underwriting capacity and support operational growth.

Ogbodu said, “The additional capital will enhance our underwriting capacity, support investment in cutting-edge technology, and enable us to deliver high value to our esteemed shareholders and to our policyholders and brokers.”

He said the company would also improve service delivery through technology-driven solutions as part of its growth strategy.

He expressed appreciation to shareholders for their continued support.

“We appreciate the continued confidence of our shareholders as we pursue our pan-African growth agenda,” Ogbodu said.

SUNU Assurances Nigeria Plc operates in the non-life insurance segment, offering products including motor insurance, fire insurance, and general accident cover.

The company became part of the SUNU Group following its acquisition and rebranding in 2018.

It operates within Nigeria’s insurance industry and is a member of relevant industry associations, including the Nigeria Insurers’ Association.

The rights issue is part of broader efforts within the insurance sector to meet regulatory capital requirements and strengthen financial stability.

The company stated that the capital injection would support expansion plans and improve operational efficiency.

The exercise is also expected to enhance the firm’s capacity to underwrite larger risks in the insurance market.

The offer remains open to qualifying shareholders until the closing date in May.

Trading of rights continues on the stock exchange throughout the subscription period.

The company said it remains committed to delivering value to shareholders while expanding its presence in the insurance sector.

The capital raising is expected to support long-term business growth and improve competitiveness in the industry.

SUNU Assurances noted that the initiative aligns with its broader strategy of strengthening its financial base and improving service delivery.

The company said it will continue to explore opportunities within Nigeria’s insurance market as part of its expansion plans.

The rights issue is part of ongoing corporate actions aimed at positioning the firm for sustainable growth.

It is also expected to improve the company’s ability to meet increasing demand for insurance products in Nigeria.

The insurer said it remains focused on enhancing shareholder value and operational performance through strategic investments.