Shareholders of SUNU Assurances Nigeria Plc have endorsed a comprehensive recapitalisation plan that will allow the insurer to raise up to N9 billion in order to meet the new Minimum Capital Requirement (MCR) mandated for non-life insurance companies under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The approval was secured at the company’s Extraordinary General Meeting (EGM) held recently in Lagos, which recorded a strong turnout of shareholders.
Speaking at the meeting, the Chairman of the Board, Mr. Kyari Abba Bukar, noted that the recapitalisation initiative was triggered by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3 billion to N15 billion, with a compliance deadline of July 30, 2026.
“As at September 30, 2025, the company requires N9 billion to close the gap, making it imperative that we take decisive action to strengthen our capital base,” Bukar said.
He added that the exercise would boost the company’s balance sheet, expand underwriting capacity, attract new investment and solidify its competitive position. Bukar also disclosed that the company intends to address its free-float deficiency on the Nigerian Exchange (NGX) as part of the capital raise.
Managing Director/CEO, Mr. Samuel Ogbodu, announced that the SUNU Group—currently holding 83 percent equity—plans to reduce its stake to 70 percent to open more investment opportunities for Nigerian shareholders.
“This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu stated.
