SUNU Assurances Plans Board Shake-Up, Auditor Change as Growth Drive Intensifies
SUNU Assurances Nigeria Plc is moving to overhaul aspects of its board and corporate governance structure as the insurer prepares for a new phase of growth in Nigeria’s increasingly competitive insurance market.
The company is seeking shareholders’ approval for a series of resolutions covering board appointments, external audit, related-party transactions and audit committee oversight, according to its notice to members ahead of the 2026 business year.
The proposed changes come at a critical time for the Nigerian insurance industry, following the conclusion of the sector’s recapitalisation exercise and the introduction of higher regulatory capital requirements.
Three new directors proposed
Among the key resolutions before shareholders is the ratification of three director appointments.
They are Lucie Barry, proposed as an independent non-executive director; Roland Ouedraogo, as a non-executive director; and Olayinka Adaramola, as an executive director with a technical role.
The company will also seek shareholders’ approval for the re-election of a retiring director who remains eligible and has expressed willingness to continue serving on the board.
The proposed appointments are expected to strengthen the insurer’s governance and leadership capacity as it seeks to take advantage of emerging opportunities in Nigeria’s insurance market.
For an industry undergoing significant regulatory and structural changes, insurers are increasingly under pressure to combine stronger capital positions with effective governance, technical expertise and operational efficiency.
SUNU proposes new external auditor
SUNU Assurances is also proposing a change to its external audit arrangement.
The company wants shareholders to approve the appointment of TAC Professional Services as its new external auditor, replacing SIAO Partners, which is due to retire from the engagement.
The proposed appointment forms part of a broader review of the company’s audit and governance arrangements.
Shareholders will also be asked to authorise the board to determine the remuneration payable to the external auditors for the 2026 financial year.
Related-party transactions under scrutiny
Another major resolution seeks a general mandate allowing SUNU Assurances to undertake recurrent transactions with related parties and other interested persons as part of its ordinary business activities.
Such transactions could include the provision or acquisition of goods and services.
The company said the proposed mandate would operate within the rules of the Nigerian Exchange Limited (NGX) governing related-party transactions.
Interested persons would also be required to abstain from voting on resolutions relating to transactions in which they have an interest.
The arrangement is designed to provide the company with operational flexibility while maintaining safeguards around corporate governance and shareholder interests.
Audit committee to receive fresh attention
SUNU Assurances is also seeking to reinforce its statutory audit oversight.
Shareholders will have the opportunity to nominate members of the Statutory Audit Committee, which is expected to include financially literate members and at least one individual belonging to a recognised professional accounting body in Nigeria.
The audit committee structure is particularly important as insurers navigate a more demanding regulatory environment, where financial reporting, risk management and governance are coming under greater scrutiny.
Governance reset meets post-recapitalisation era
The proposed restructuring comes as Nigeria’s insurance industry enters the post-recapitalisation phase.
Following the regulatory drive to strengthen the industry’s capital base, insurers are now expected to deploy their stronger financial capacity to grow underwriting businesses, improve service delivery and compete more effectively for major risks.
For SUNU Assurances, the proposed board and audit changes could therefore represent more than routine corporate housekeeping.
They form part of an effort to position the company for sustainable growth while strengthening governance structures capable of supporting its ambitions in a rapidly changing market.
The resolutions will require shareholder approval before the proposed changes can take effect.
SUNU has also made arrangements for shareholders unable to attend the meeting physically, with proceedings scheduled to be streamed online.
The company is further encouraging shareholders with unclaimed dividends to complete their e-dividend mandates, in line with broader regulatory efforts to increase electronic dividend payments.
As competition intensifies across Nigeria’s insurance industry, the effectiveness of SUNU’s proposed governance reset will ultimately be measured by how well the company converts stronger leadership and oversight into business growth, operational efficiency and shareholder value.
