SUNU Assurances Nigeria Plc has announced plans to strengthen its underwriting capacity through a N9.34 billion rights issue currently open to existing shareholders.
The Managing Director, Samuel Ogbodu, disclosed that the proceeds from the offer will be deployed to reinforce the company’s financial position and support its growth strategy within Nigeria’s evolving insurance market.
The company is offering 2.075 billion ordinary shares of 50 kobo each at N4.50 per share, pre-allotted on the basis of five new shares for every 14 shares held by shareholders as of February 12, 2026.
The rights issue, which opened on April 13, 2026, is scheduled to close on May 20, 2026.
According to Ogbodu, the capital raise represents a strategic initiative aimed at strengthening the company’s balance sheet and positioning it to capitalize on emerging opportunities in the sector.
“The additional capital will enhance our underwriting capacity, support investment in advanced technology, and enable us to deliver greater value to our shareholders, policyholders, and brokers,” he said.
He also expressed appreciation to shareholders for their continued confidence as the company advances its pan-African expansion agenda.
In a statement signed by the Company Secretary, Taiwo Kuku, the company confirmed that the rights will be tradable on the floor of the Nigerian Exchange Limited (NGX) throughout the offer period.
Originally established in 1984, SUNU Assurances Nigeria has built a reputation for providing insurance solutions to individuals and businesses across the country.
Following the acquisition of a majority stake by SUNU Group, the company rebranded to its current name on March 29, 2018, after receiving approvals from shareholders and the National Insurance Commission.
Today, the company offers a range of non-life insurance products, including motor, fire, and general accident coverage, serving both corporate and retail clients.
It is also a corporate member of key industry bodies such as the West African Insurance Companies Association, Nigerian Insurers Association, and the African Insurance Organisation.
