SUNU Assurances Nigeria Plc has secured unanimous shareholder approval to embark on a major recapitalisation exercise aimed at raising N9 billion to meet new statutory capital requirements imposed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

At the company’s Extraordinary General Meeting (EGM) held in Lagos, shareholders endorsed multiple resolutions empowering the Board to initiate a capital-raising programme through rights issues, public offers, private placements or a combination of fundraising vehicles. 

The Board also received approvals to adjust share capital, engage professional advisers, and list new shares on the Nigerian Exchange (NGX).

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Chairman of SUNU Assurances, Kyari Abba Bukar, underscored the strategic importance of the recapitalisation, noting that NIIRA 2025 increased the Minimum Capital Requirement (MCR) for non-life insurers from N3 billion 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 added that the company is simultaneously addressing its free-float deficiency on the NGX as part of a broader governance and liquidity optimisation effort.

Managing Director/CEO, Samuel Ogbodu, disclosed that the SUNU Group plans to dilute its current 83% stake to about 70% 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 makes it a compelling investment opportunity.

He noted that the company’s share price, currently trading between N4.70 and N5.70 after peaking at N11, is expected to appreciate significantly in the coming months.

Executive Director, Elie Ogounigni, reaffirmed the parent group’s commitment, saying: “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.”