SUNU Assurances Nig. Plc has secured unanimous approval from its shareholders to embark on nine billion Naira recapitalization.
The approval was granted at the company’s Extraordinary General Meeting (EGM) held in Lagos, on Wednesday.
The capital raise will enable the company to meet new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
At the event, shareholders endorsed resolutions empowering the company’s board to raise fresh capital through rights issues, public offers, private placements or a combination of fundraising options.
The board also received authorisation to adjust share capital, engage professional advisers and list new shares on the Nigerian Exchange (NGX).
The Chairman of SUNU Assurances, Mr Kyari Abba Bukar, emphasised the strategic importance of the recapitalisation.
Bukar noted that NIIRA 2025 increased the Minimum Capital Requirement (MCR) for non-life insurers from three billion Naira to N15 billion with a compliance deadline of July 30, 2026.
“As of September 30, 2025, SUNU requires N9 billion to close the gap.
“The recapitalisation is therefore critical to ensuring solvency, supporting underwriting expansion and maintaining competitive strength in the post-reform landscape,” Bukar said.
He said that the company was simultaneously addressing its free-float deficiency on the NGX as part of a broader governance and liquidity optimisation effort.
Speaking with journalists after the EGM, Bukar said the company would explore all viable fundraising structures.
He said, “We are committed to compliance and will pursue all approved avenues, rights issue, public offer, private placement or strategic investor participation to meet the deadline set by NAICOM.”
The company’s Managing Director, Mr Samuel Ogbodu, said that the SUNU Group planned to dilute its current 83 per cent stake to about 70 per cent to encourage stronger domestic participation and improve public float.
Ogbodu described the EGM as an essential transparency requirement for a listed company, adding that SUNU’s long-term performance made it a compelling investment opportunity.
He said that the company’s share price, currently trading between N4.70 and N5.70 after peaking at N11, was expected to appreciate significantly in the coming months.
Elie Ogounigni, the company’s Executive Director, reaffirmed the parent company’s commitment to Nigeria.
He said, “SUNU has a long-term footprint across 17 countries.
“Our commitment to Nigeria is strong, and we are prepared to provide the support required to ensure full recapitalisation and regulatory compliance.”