SUNU Assurances Nigeria Plc has commenced a bid to raise N9.34bn through a rights issue to existing shareholders.
The non-life insurer is offering 2,075,285,715 ordinary shares of 50 kobo each at a price of N4.50 per share. Company Secretary Taiwo Kuku stated that the offer applies to investors whose names appeared in the Register of Members as of the close of business on 12 February 2026.
Kuku noted that the rights issue provides five new ordinary shares for every 14 ordinary shares held by shareholders. She further clarified that the offer, which opened on 13 April 2026, remains tradeable on the floor of the Nigerian Stock Exchange Limited until it closes on 20 May 2026.
Managing Director Samuel Ogbodu described the move as a tactical effort to solidify the company’s financial standing.
“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. 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. We appreciate the continued confidence of our shareholders as we pursue our pan-African growth agenda,” Ogbodu said.
The firm, which underwent a name change in 2018 following its acquisition by the pan-African SUNU Group, provides insurance solutions across the motor, fire, and general accident sectors. SUNU Assurances currently operates as a member of the West African Insurance Company Association and the Nigeria Insurers’ Association.
Arinze Nwafor is a journalist at Punch Newspapers with five years of experience reporting on Nigeria’s economy, industry, data, metro, and judiciary. He focuses on highlighting growth, policy, and market challenges shaping Africa’s largest economy. Arinze’s reporting reflects practical newsroom experience, editorial judgment, and a strong commitment to accurate, informative, and audience-focused journalism.
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