SUNU Assurances Nigeria Plc has appointed TAC Professional Services as its new external auditors, following the retirement of SIAO Partners after completing the maximum eight-year tenure permitted under the National Insurance Commission’s Corporate Governance Guidelines 2021.
The appointment was disclosed in a notice signed by the company’s Secretary, Taiwo Kuku, and filed with the Nigerian Exchange, shareholders and the investing public.
According to the insurer, SIAO Partners retired after completing the audit of the company’s 2025 financial year.
The appointment of TAC Professional Services was subsequently ratified by shareholders at SUNU Assurances’ Annual General Meeting held on August 21, 2026.
New auditor takes over
SUNU Assurances said the Board appointed TAC Professional Services following the completion of the previous auditor’s statutory tenure.
The company said the new auditor brings more than two decades of professional experience, as well as technical expertise and industry knowledge, to its audit and assurance functions.
Established in 1999, TAC Professional Services is a Nigerian professional and business consulting firm providing audit and assurance, tax advisory and compliance, financial and business advisory, forensic investigation, accounting and other consulting services.
The firm serves clients across several sectors, including insurance, financial services, oil and gas, power, manufacturing, telecommunications, aviation, real estate, FMCG, media, non-governmental organisations and the public sector.
TAC is also a member of Integra International, a global association of independent accounting and consulting firms.
Appointment follows recapitalisation
The auditor change comes shortly after SUNU Assurances strengthened its capital base through a recapitalisation programme.
The company listed an additional 2.08 billion ordinary shares worth approximately N9.34 billion on the Nigerian Exchange on August 31, 2026.
The shares were issued through a rights issue priced at N4.50 each, offered on the basis of five new shares for every 14 shares held.
The exercise increased SUNU Assurances’ issued share capital from 5.81 billion shares to 7.89 billion shares.
The insurer completed its recapitalisation before the July 31, 2026 deadline set by NAICOM, positioning it to pursue expansion through digital transformation, product development and technology-driven initiatives.
Insurance business records growth
The company’s recapitalisation also comes against the backdrop of improved financial performance.
SUNU Assurances reported that gross insurance revenue increased by 41.1 per cent to N21.6 billion in 2025 from N15.3 billion in 2024.
Gross Premium Written rose by 30.1 per cent to N17 billion, while Net Premium Income increased by eight per cent to N9.06 billion.
Investment income also grew by 13.9 per cent, supported by improved returns on placements with financial institutions.
The company said the stronger capital position and improved performance provide a platform for its next phase of growth as it continues to develop its insurance and technology-driven operations.
